Our daily Doji candlestick, though not perfect but close enough for government work, was triggered at the close. The S&P rally has stalled and is having trouble cracking through 2600.
Squeezey in the overnight session with futures up 16 handles, probably, in part, due to strength in Asia stocks, especially the Hang Seng.
Though it is not wise to move stops when the market is moving against your position, we are moving our stop on the S&P e-minis up 3 points to 2604, which corresponds to a 2601-ish cash price. That is where we want to be. We stuck the 2601 stop in at the close in haste to get the trade off and the info out to you.
So, 2797.92, Thursday and the January high, on the cash is the marker to the upside. The key downside level to watch is 2573.61, the .382 Fibo retracement of the current correction is the downside support level.
Global Macro Monitor 