The 1055.50 area we were watching yesterday was tested overnight. Premise for today is the same as yesterday. I will watch to see if 1055.50 is going to hold. If it holds, look for test of 1069.50 and continued sideways action with a downward bias. If 1055.50 does not hold, look for test of 1044.50 and likely sell off to 1036.50. There is nothing but air between 1055.50 and 1044.50. A break of the 1055.50 extension area could lead to a quick sell down to 1044.50. Overall, the indexes have put in a major lower high and will like to either extend down past 1000.00 or put in a large contraction before deciding on a direction.
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