Option Investor
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Monday morning Market Monitor update--we're experiencing some difficulties with the program this morning but should have them fixed shortly. This morning we'll be starting the day with a big gap down and considering where price reached Friday I'd say we have our sell signal now. I had mentioned last night that a drop below ES 853.75 would increase the probability that the top is in. A break below ES 847 would be a break of its uptrend line from the March low and it would be further evidence that the top is in. It takes a break below Wednesday's low at ES 831.50 to confirm it. A drop below SPX 850 would be a break below the bottom of its rising wedge pattern and below SPX 835.58 would confirm the sell signal.

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