Keeping it short and simple today. Tomorrow is a Fed day – which usually means massive moves in all markets. So best to be in cash and wait til after the announcement.
This drop down did you give any decent chance at a bounce – except now — maybe? But given how far it dropped — this has the potential to go down towards that 2000 level. Right now – former support in the 2075 ES region serves as major resistance. My best guess is a pop on Fed into that resistance and then a selloff below 2050 ES – that would coincide with really bearish sentiment going into that June 23 Brexit event date — maybe at that point – it won’t be as bad as everybody is thinking — and then we reverse back up. Just a wild guess.