Futures are adding to yesterday’s losses and the pattern on the /es looks like a bear flag, which is suggesting lower from here.
If the bulls are going to form that inverted head/shoulders, they need to step in and defend this support area or the pattern will be dismantled.
The 4100 level is the line in the sand from what I am seeing.
If the spx starts trading below 4100, I would expect the 4060/4000 to come into play in a fast manner.
The bulls need to get the price back above 4200 to get themselves out of short-term trouble.
Follow the pivots –Gary Dean
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