Up like an Escalator, Down like an Elevator

Concerns over the Cyprus bailout and potential levies on bank deposits, have the S&P futures falling off a cliff tonight.

The futures have traded as low as 1536.25, and are now trading down 15 points at 1538.50. The S&P futures appear to be finding a bit of support above the March 8th low of 1535.25, and there should be some additional support near the double bottom of 1532.25 – 1532.50 (March 6th and 7th lows).

But if we break through that support area, there is no major support until the March 5th low of 1519.75.

Here are the key levels to focus on for tomorrow:

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