The March S&P 500 Futures contract (ESH18) has finally had a pullback after months of no volatility. We had a -65 point pullback in ES and the VIX spiked up to 17.86. Where do we go next? The technicals are pointing sideways to lower, after smashing through 2805 which was the 20 Day SMA coinciding with the 0.236 Fibo retracement.
Support Levels: 2755 - .382 Fibo retracement 2732 - Lower Bollinger Band (2 Standard Deviations) 2720 - 50 Day SMA 2717 - 0.50 Fibo retracement
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ESH18 bounced off of the 200 day SMA and the SPX cash market followed through a few days after on Friday 02/10/18. Volatility will most like remain high after this week's shakeout.
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CME has raised initial margin on the ESH18 to from $6,105 to $6,380.