S&P 500 Futures Sliding Into the Shortened Week

Published 02/20/2023, 11:13 PM
Updated 07/09/2023, 06:31 AM

I trust everyone is recovered from the President’s Day revelry, festoonery, and jocularities. The futures markets aren’t much different than they were on Sunday. Here we see the /S&P 500 Futures’s penny-perfect tag of the major Fibonacci and the subsequent slippery slide.

S&P 500 Futures Chart

On a longer-term timescale, using 4-hour bars instead of 5-minute bars, we can see there is ample space between present price levels and major Fibonacci support, located at 3800.

S&P 500 Futures Chart

The week ahead has one major “release” each day. I’m fully committed, with no buying power left, to my 20 bearish positions.

Economic Calendar

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