If you were long and had Mich State you are not happy this morning. Futures are down pre-market and Mich State killed your bracket.
Just a few Pre-Market charts to look while you enjoy your coffee or tea.(Not trying to steal Charts and Coffee's tagline either, Great site btw). The EUR/USD pair is at the bottom of its channel and possible support. A move up in the EUR/USD could be an excuse to drive equities up because our "EXPORTS" will be cheaper. A break of this channel could send the market to the downside more.
Here is a chart of the EUR/USD and SPX. Noticed the follow each other quite well(not exact) and currency pair is down 1.07% right now and dropping, futures have been moving along with this as well.
You should expect a gap down today, watch for the possibility of a trend-day to the downside. If your short (as I am) keep holding them. If your long, indicators and price action is suggesting to scale out.
We are only 14 points about 1% away on the /ES from 800 so watch out!
