The S&P futures may look battered, but the tape tells a different story
ES will trip a major 'mechanical' 'buy signal just a hair below today's so-far bottom, 6370.00, at 6366.50 (daily, A=5959.00 on 6/23). The 6239.50 'textbook' stop-loss, implying entry risk of $6375 per contract, requires an rABC trigger of minute degree to cut that down to perhaps $250 or less. If you are unfamiliar with this tactic, you should watch from the sidelines. The point is, although the futures have come down hard in recent days, the stock market is not about to fall apart. More likely is that the broad averages have entered buying territory. However, my hunch is that SPY will need to fall a further 9 points, to 625.63, before ESU25 becomes an opportune buy.
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