After the ECB announced its open ended QE program, markets around the world rallied. This morning, the S&P 500 finds itself roughly in the middle of its recent trading range, with futures turning lower.
The risk-reward profile of a position taken at this juncture is pretty close to 50-50, with strong support around 2000, and major resistance above at 2115 (the upper end of the rising orange range). Tighter support and resistance come in around 2088 and 2045.
For the bulls, the better buy would be on a pullback back into the 1990’s, and for the bears, it would be better to wait to sell on a move back into the “death zone” above 2090.