$SPX will gap down, but not to much… a bigger gap might be a signal of capitulation, leading to a rip higher. A small gap is less telling, so we’ll have to watch. If you have $SPX spreads hitting stops, be patient in getting your exit, or even wait to see what the morning’s direction will be.

Futures are saying we will open at 18.75, so shy of our next two signal points: 19.20 and 20.05. Watch that area, and watch @prvtrader‘s Fib levels on SPX.