ES Morning Update January 11th, 2016

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4ba523c5-e0f2-4bac-8c41-25ce43e2c3c6Resistance

Should roll back down at some point today and make a "higher low" while the market makes a "lower low" or a double bottom retest.

The Futures gapped down Sunday night to break 1900 and are now rebounding this Monday morning.  This first rally should NOT hold and will likely be sold.  We are still looking for the FP on the SPY to be hit and until it is I don't see any big rallies.  I'm not sure when it will be hit of course but today would be ideal... of course we sheep don't always get want we want, but odds are good for the futures to retest the overnight lows at some point during normal market hours.  If they did so, then it should come close enough to the FP to fulfill it.