Sp'monthly, 6yr
Only if we break the previous sp'1422 peak can anyone justifiably get bullish again. Arguably, the shorter term traders should at least have somewhat tighter short-stops around 1385/95.
Friday will be interesting. I'm not sure if I'll risk taking a brief long trade - in anticipation of the C' wave up. A move from 1350 to 1375/80 would be pretty profitable, but its certainly not without some moderate risk. As noted earlier, with Futures -10 (as at 6.35pm EST), we are dangerously close (just 5pts) from taking out the previous low of 1343.
Right now, I'd guess futures recover a little overnight, with a floor early Friday morning around sp'1352/48, and that we do still see a C' wave peak early next week.
Goodnight from London