Futures Today

For the Dow Futures

The main trend since last week remains down according to the weekly chart. While we remain over 23750 in the early session today the trends turned down on yesterday’s intraday meltdown.  A sustained 23200 again today will likely generate enough downside momentum to challenge 21600 and will likely trigger further sell stops to accelerate moves to the downside.

Futures for the Dow are currently straddling its retracement zone at 23130 to 23900. Trader reaction to this zone will determine the direction of the market today.

For the Emini S&P Futures

The main trend will turn to down only on us trading through about 2450 and it will begin eyeing the next support levels on the larger timeframe chart at 2320.

Yesterday’s day session took out support levels at 2670 and 2560 conveniently.

The short-term range is 2415 to 2880. Retracement zones to the upside range from 2645 to 2590.

Watch the area between 2530 & 2600 today, if we range between here which appears more likely, we may push back up later into the week. Falling below here spells more downside possibilities.

For the Emini Nasdaq Futures

If we hold 6415, the index today will lean on an upside bias and it could trigger a move into 6550 and up to 6580 area if the buying gets going. Beyond 6580 we could test of 6650. This is a possible trigger point for a further acceleration to the upside.

Below 6415 (where we currently reside ahead of the open) could lead to choppy conditions and a test initially of 6320 followed by 6265 and then 6150 eventually. The Fibonacci level at 6150 can trigger downside targets to 6085 and then 5970 and 5840 rather quickly as we witnessed yesterday. The range today is likely to be between 6415 and 6150.