Selling pressure could continue if we don't see the S&P hold the blue diagonal neckline + 3900.
A close below 3900 on the 1hr time frame is probably a good signal to get short or at least get hedged if you're taking a portfolio approach.
A close below 3900 on the 1hr time frame is probably a good signal to get short or at least get hedged if you're taking a portfolio approach.
Nota
3900 held yesterday so that should be a pretty good reference point from here.Nota
3900 broke in the overnight (CET) session and we now have two major levels that the S&P needs to trade against. We're now at level 1 support, which represented the breakout point into new highs and where the 21 day moving average currently sits. Then we have level 2 at around 3815 -3810 where we have the 50 day moving average. It's a choppy market and I expect that to continue for a bit. There are still a lot of pockets of strength out there... but they'll be tested as the selling pressure in the indicies continue, making this a challenging environment for traders.
Nota
Neckline of the horizontal H&S is a good retest to get short / add to hedged long exposure:Nota
Back above 3900 is bullish 
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