Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
S&P 500 index futures were trading lower by 14 points at 2046.25 in Wednesday's volatile session. After nearly a 30 point range in pre-market trading (2033.50-2060.75), the index attempted to go unchanged on the day off the open, but was turned back at 2059.
The ensuing decline has found intraday support just ahead of Friday's low (2041), only reaching 2039.75 before rebounding to the mid-2040 handle.
If the decline continues through the current low, there is an area of major support around the pre-market low (2033.50). The reason for that being the three lows from March 11 and 12 (2030.75), as well as the low from March 25 (2033.25).
The SPDR S&P 500 ETF Trust (NYSE: SPY) recently traded at $205.16, down $1.26 (0.6 percent).
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