S&P Near Term Outlook Turns Negative

It was an ugly week in US equity markets with the S&P shedding 5.95%.  The magnitude of this move has turned my model’s short term outlook for the S&P negative.  As a result I went short the S&P June 2018 contract this week.  As pictured above, now that support at 2630 has been breached, the next level to watch is  2532.