This new downward sloping trendline has been hit now and the futures pulled back from it.
The MACD's finally went negative Friday and are now back up above the zero level.
Trying to "think like SkyNet" is tough but it looks like it went up after Friday's close and this mornings' open to clear out some bears by hitting there stops. I've saw this pattern many times in the past where the market first clears out stops (bulls or bears) in the afterhours session and then opens and goes the direction of the stops cleared... in this case, down.
This week is also commonly a bearish week, we should increase the odds for the falling trendline to hold the bulls back. I'd remain short (if shorted from last Fridays' close) unless that falling trendline is broken through and the overnight high of 2040, which at that point odds would suggest this is just another small pullback within a very long and stretched out rally.
If we start down then I'd look for the prior low on Friday (just a hair over 2010) for support. Considering that Monday's have been very light volume days recently... and the added fact that it's the first day back for traders after a 3 day Easter holiday weekend, we could see some churn back up and down today.
It's not uncommon to see triangle patterns made in the market during light volume periods. I've added in another rising trendline to make that triangle, so let's see if it respects both trendlines of it and bounces back and forth today between them.
