Your MUST-READ Morning Stock Futures Cheat Sheet: Breaking support

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The Precise Take – Breaking support

Big Picture Analysis – After a low range opex Friday, overnight, weakness in Asian and European trading has led the ES to break to the downside the bear flag we noted last week.  Accordingly, more likely than not, we should see materially lower prices.  A break above ~1375 would force short covering, however, and there is no shortage of opportunities for economic surprises this week.  No releases today, but looking ahead, we have an FOMC Announcement on Wednesday, along with GDP on Friday, in addition to several medium tier releases tomorrow and Thursday.

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