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Additional Weakness for S&P


The E-mini S&P 500 failed to sustain its earlier rally effort to 1270.50, and since has pivoted to the downside for a plunge and test of Friday's lows at 1263.50. Thus far, the intraday low is 1264, but my hourly work argues for additional weakness that breaks Friday's low and the 1/25 low at 1262.25 -- on the way to a test of much more important support at 1251.25/50. At this juncture, only a rally that hurdles 1270.50 will neutralize my still negative near-term outlook.

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