Futures are below most support levels and are currently trading around the 100 dma @ 2023.94.
Below the 100 dma, there is some noise on the charts around 2012.
2 causes for weakness this morning:
1. Crude oil continues to get rocked due to oversupply issues and is hitting a multi year low as we speak.
2. The reality of the Fed meeting next week. Often a leading indicator of equities, the junk bond market (JNK) is hitting multi year lows.
$34.09 is the low from 2010:
Playing for the bounce at support levels after sharp sell off's has been working recently, as we caught a nice trade Wednesday and sold at the top.
I would prefer an entry point of 2012-2014, but JNK and /cl (crude oil) are my tells this morning.
If JNK can hold that $34.09 level and crude stops bleeding, futures could snap back to 2032.
Through 2032 with some confidence and volume gets us to the 150 dma @ 2048.57.
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