Traders are testing the 5-Day EMA on the downside for the S&P 500 after another failed breakout attempt this morning. The overnight low hovers at the same level. The Navigator Algo trigger on the daily chart (self-calculating) also points to the same general level as go/no-go for the algorithm..

Unless we get a break up and through the 5-min Navigator Algo trigger, the balance rules point down and through the 5-day EMA here and to 4205, but it does not necessarily have to happen today. I am monitoring carefully here.

Be vigilant and careful today.

A.F. Thornton