ES Morning Update January 28th 2016

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c6b46c9d-bdf2-40dd-882d-5f09955cc564Resistance levels

Lower high on the MACD's yesterday and probably a 3rd lower high today.

The Futures are rebounding from yesterday's sell off.  My thoughts are that they will hold it up until later in the day.  I'd like to short when that rising trendline is hit and hold into next week.

Oil it up today too, which should support the futures and the SPX cash.  I think this need today and/or Friday.  We could (and should) pullback some early today, but I'm not ready to call a multi-day move is "in play" just yet.

I just think there are still too many bears on board to get another multi-day move down.  We need a few more days inside that rising wedge.  Plus, I think they want to hold the market up for the monthly close this Friday as they don't

want it closing below certain support levels.  It's just a "gut" feeling on that one though...