Who Has the Upper Hand in the e-SPM? Bulls or Bears?
Today's weakness in the Emini S&P 500 to the 1621.50 off of yesterday's 3-day rally peak at 1648.50, followed by a sharp rally to 1642.50, leaves an extremely important "footprint."
Today's low at 1621.50 must contain any forthcoming weakness to avert downside acceleration towards a full-fledged, and consequential retest of last Thursday's low area between 1600 and 1596.50.
Conversely, as long as today's low remains intact, my preferred near-term scenario remains bullish for upside continuation that hurdles 1648.50 towards 1675-1685.
Right now, although it might not feel like it, the bulls remain in near-term directional control.