Earlier today I tweeted that the NASDAQ was the weakest of the indices. I think it's important to cover this market since the greater possibility exists that the NASDAQ may lead the other markets down. Price has tested the 50-sma on five occasions. A print below 230625 would have further bearish implications, yet support is lurking just below the market at 2303 and 2281 - 2282. I wouldn't doubt that a stop running exercise will unfold. Should any sell off have substance, my near term target is 2258.
Turning my attention to the ES_F market, you can see that the market is yet to challenge the 50-sma and price is oscillating along the lower elliott channel line. As a reminder, a significant break of this line on a closing basis and a print below 130275 would negate any idea that a triangle was unfolding. Keep in mind that the March contract expires so the equivalent in the June contract is 129825.
If the wave structure is a triangle fourth wave, then w.e circle may have been struck at 1312.27 that was followed by a minor five wave advance and as of the close... a choppy second wave is developing. This interpretation would be confirmed with a print above 1325.74. Thereafter, price will make a new recovery high to beyond 1344.07 in the $SPX and 1343 in the ES_F.
In conclusion, tomorrows trade centers around 1325.74 (bullish) and 130275 (bearish) in the continuous contract or the equivalent in the June contract is 129825 (bearish).
I hope you found this information helpful.
Best Of Trading
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