E-mini S&P 500 Morning update

April 15, 2020

8:01EST

E-mini S&P 500 - June contract

The markets are trying to rollover, its quite possible yesterdays high at 2846.00 has printed the high for the week or possibly 2 weeks or more....therefore today's price action will tell us if we printed a high or not..If you remember towards the end of last week I updated we will rollover either at 2821.50 with an extension up to 2846.50 and it reached 2846.00 then sold off..

Immediate term: I updated it reaches and reverses at 2779.25 on the overnight, (around 8:00 a.m.) but it bounced at 2782.50, which activated an extension pattern up to 2806.50 or down to 2767.00....right now its trying to head down to 2779.25  IMO it heads down to 2767.00 none the less the immediate move on the cash open will be down 2767.00 .and then a fast reversal in attempt to reach 2821.50. In the event the move down to 2767.00 fails to reverse and trades below the OAV at 2765.00 , then the immediate attraction is down to 2750..

Compression contracted yesterday so today it should contract more or expand (range big moves) meaning it should be like watching paint dry until 15:00 a wild day...IMO it contracts

we have very strong support pivots at 2751/52 and it may not reach 2750

Bigger picture: clearly taking out 2714.00 opens the sell off door..

we have unproven support at 2650 and 2544

IMO we printed a high yesterday...