Let’s notice that the e-Mini S&P 500 has “returned to sender” and is looping down to revisit this morning’s low at 846.75, which if violated should trigger a sharp downside follow-through that has as its target a test of the nearest-term support line, now at 839.50. If the trendline is violated and sustained, then let’s expect even more intensive pressure that presses the e-SPM for a test of critical support at the April 21 low of 823.00 –- or near 82.75 in the S&P 500 Depository Receipts.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.