Tricky position in the S&P 500 today as futures came fairly close to major resistance at 4092.00 and has slipped lower throughout the morning into the early afternoon. I’m inclined to give bulls a chance to at least bounce the market up while above 4062.25 and can’t really pound the table for a reversal till under 4048.75.
For SPX, it is trying to fill the gap. I can’t be particularly bearish till under 4027. I do think we are pretty late in the game, so trades based on continuation higher are now higher risk, but a little early to be confident in selling.