Well, we're here...the technical point of no return.
1943 was Thursday's closing tick, if a hard test happens we might see the 1930 to 1940 area so that our fine feathered friends on Wall Street can take out all the stops and then rocket it back up.
Nonetheless, we are essentially there, the point where the Fed will soon wish they had stepped in if they don't at this level. Granted, these are monthly bars and we could go sideways at the 1940 area for the rest of January and all through February and not rally nor lose the two channels. The price level is what is key.
Will that mysterious buyer with incredibly deep pockets start coming in and buying the S&P Futures again in the overnight sessions for as many nights as it takes to make sure this level holds?
Trade well my friends
Alan
