Good morning traders. Hard down move in the overnight futures confirms the break of the rising trend line in the s&P . In my view this is the start of a consolidation in the markets.  In terms of my strategy, I am going to look to keep my trading very light. This is not a time to start loading up on your trades. At this point I find it difficult to be aggressive on the short side in anything but ETFs as there will likely be a lot of buyers looking to step in. The market overall is in fairly good shape and showed a lot of strength on the previous upswing. Some time consolidating the previous move in the market should provide us with lots of good setups.

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Levels

1127

1117.25

1113