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As noted yesterday, the major averages and sectors reached resistance on Wednesday, and Thursday’s action indicated that the rebound was over. The McClellan Oscillator rebounded from -390 last week to -40 and has now turned lower. I expect it to drop back to the -200 to -300 area, which could complete the short-term bottom formation. Intermediate-term analysis is positive. The e-mini has support at 1140 and then in the 1100-1115 area.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.
