I think that most would agree that the US equity futures have put in some kind of a top, both in the short and intermediate term which is not shown here.
The question now is, 'Are they in the process of putting in some kind of bottom, or is the trend of the decline merely moderating?'
I have highlighted with horizontal lines a few levels of support and resistance that most traders are watching carefully.
It was not bullish that Alcoa was unable to hold its gains today from its 'good news.'
Goldman Sachs reports next week. That may give some spark to the financial sector, but Goldman is really a 'one-off.' One off what I am not quite sure, but whatever it is I think it says much more about them and their secret trading software and access to information than the economy or anything else.
