Thursday 9th of June S&P 500 Emini futures

Equities bouncing back a bit and the S&P 500 futures closed up for the first time in seven sessions. The only problem is that we sold off quite a bit into the close, which is a sign of weakness. Remember that we have been seeing rally into the close for the most part of the last 12 months as we moved higher. The market feels much changed now and the bears are in control for the time being. The key today was the break above 1283.50 resistance early in the session, which opened for 1295. However it didn't quite reach that 1295, making high at 1294. Then we sold off to close at 1287.50, bascially right at the VWAP (1287.90). See 5 min chart below

What is next? The tendency is that we tend to trade higher during the week of the roll. So, I would not be surprised to see a rally towards 1308 or so, but there I expect to see more sellers step in. I contiune to expect fairly choppy ranges and think we have more work to the downside in the medium term and expect to see a test of the yearly low at 1243 in the coming weeks. Then I see 1224 as the target for the down move.