After a breakout rally on Tuesday, growing selloff looks evident enough to push the S&P 500 futures into a sell-off from the recent peak.

This may result in a downside breakout below the level of 2525. I find that despite an optimistic economic data out of China, released early Tuesday morning, growing fear of economic damage, caused by COVID-19 may extend this exhaustion in global equity markets during the upcoming months, indicating long term bearishness to continue amid short-covering rallies.

S&P 500 Futures - Daily Chart

S&P 500 Futures – Daily Chart

S&P 500 Futures - 4 Hr. Chart

S&P 500 Futures – 4 Hr. Chart

S&P 500 Futures - 1 Hr. Chart

S&P 500 Futures – 1 Hr. Chart


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