SPX, ES - Machines are precise, key level to watch is 2800
Machines are certainly more precise than human when it comes to trendline protection. :-)
Ichimoku setup is neutral with bearish bias, what makes us worry is the price action and the elevated level of volatility. It is cearly not bullish.
Once 2800 breaks, bearish acceleration will take place to a minimum measured target of 2600, but in fact no one can predic what could be the next stop.
We keep our March 2750/2400 Put spreads and have been selling some outright as well today during this reaction in European trading.
Ichimoku setup is neutral with bearish bias, what makes us worry is the price action and the elevated level of volatility. It is cearly not bullish.
Once 2800 breaks, bearish acceleration will take place to a minimum measured target of 2600, but in fact no one can predic what could be the next stop.
We keep our March 2750/2400 Put spreads and have been selling some outright as well today during this reaction in European trading.