First Look: 2023-03-08
S&P 500 futures a sideways overnight and into the day session open waiting for 10am numbers. Had brief spike down a 10am to test support at 3973.50 which results in a possible five waves down from March 6th. Over 3987.50 implies the start of a choppy wave [II] bounce which has 4001.25 and 4015.00 as initial points of resistance for ‘(A) of [II]’. Just something to keep in mind, a future ‘(B) of [II]’ need not be a higher low, but instead could turn into a modest lower low.