The SP futures set a higher low at support around 1122, and managed to rebound.
Follow through next week is everything. The prior low beckons, but the volumes are once again thin, and so amenable to efforts towards reflation.
“Pleasure can be supported by an illusion; but happiness rests upon truth.”
Sébastien-Roch Nicolas De Chamfort
Here is a slightly more detailed version of the same chart.
The resistance and support are part of a complex arithmetic progression.
The implications may not be so obvious, but they are worth thinking about.