S&P 500 Index Future

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S&P 500 Index Future – DAILY CHART – Tight consolidation with the price in the late stages of a pennant structure. The price is below it’s declining 50-day EMA while the preceding trend is down. A breach of the incline support (lower trend line) could see the downward trend continue. KEY DOWNSIDE PIVOT ZONE: 3745-3775, which if breached could see the 200-week (now around 3518) act as a target. Extended upside resistance is 3987, that being the 61.8% Fibonacci Retracement Level.