Flirted with the 32DMA as expected at exactly gap fill at 285.60 and reversed hard. Hope everybody closed out their longs there. Check out the bearish cypher shown. A breakdown below 283 confirms the reversal and the .382 retrace at 281 is all but assured at that point.
Futures looking sketchy so my guess right now would be a gap down to 283, followed by a moderate bounce to 284 then dump to 281 to end the day. Watch the 32HMA, we'll tap it at some point if it pulls back. With mexico tariffs issues looking to resolve over the weekend it's likely the market sits close to the "make or break" level of 280 going into the weekend.
In the unlikely event it actually breaks 280 tomorrow... I would view it as a trap to hunt stops and that big money is expecting a favorable outcome from the mexico issue.
Futures looking sketchy so my guess right now would be a gap down to 283, followed by a moderate bounce to 284 then dump to 281 to end the day. Watch the 32HMA, we'll tap it at some point if it pulls back. With mexico tariffs issues looking to resolve over the weekend it's likely the market sits close to the "make or break" level of 280 going into the weekend.
In the unlikely event it actually breaks 280 tomorrow... I would view it as a trap to hunt stops and that big money is expecting a favorable outcome from the mexico issue.
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