I did, I told you yesterday we were going to move today!

After filling the morning gap higher, the market never saw the light of day:

I told you during our State of the Market session this morning at 10:30 ET, “Do not believe this rally.”

I posted this in our Traders Slack channel (the place we all talk about market conditions)

I had several answers, some bearish, some on the fence but not one was bullish.

We dropped fifty five bucks from there.

The next question is: where do we go from here?

The S&P 500 Futures are very close to trading down to the support of the bottom of my pitchfork channel and the 50 day moving average at $7241.18:

I think it will happen overnight and it bounces from there back to $7300 which will be resistance and a place to buy puts.

Also watch for a bounce in IWM and grab puts once it rolls over.

Side Note: we have so many fantastic things happening here at OP!

Join Voz and Mark for an open house in their live room The Close the next two days.

Andrew will also be going live with you tomorrow at 11:00 for his take on the SpaceX IPO. You can add it to your best calendar here.

Don’t miss any of this! Everyone is invited!

Thank You For Reading,

Licia Leslie