The SP futures were selling off after the close of cash trade and went out on the low of the day around 1047.50.
That is some big support down at the prior lows, and if it does not stand up to a meaningful test the 990-1000 level beckons.
The performance of gold today, moving sharply highly in terms of dollars while US equities were falling was interesting, but the sharp rally in silver was stunning. This tends to lend some credence to the stories of a developing short squeeze in bullion that we keep hearing about. With the right catalyst we might see something pretty spectacular. But as always, play the probabilities if you want to remain standing in this game. The way to take advantage of the unexpected is by having core positions in a bull market trend and never touching them while the trend remains intact.
The June futures will be rolling over to the September contract soon enough, so we will be changing this chart. The basic shape of the formations will remain the same, but the support and resistance levels will change because the later month carries a different premium to the cash market.
SP futures drop again into the fourth circle of hell.
