S&P 500 Index Futures In Danger Of Rare Back-To-Back Down Days

em>Joel Elconin is the co-host of

, a daily trading idea radio show.

S&P 500 index futures were trading lower by five points at 2083.00 in Wednesday's session. The index has not traded lower in back-to-back sessions since March 10 and 11, when it declined from 2070.25 to 2034.50 followed by 2032.50. After a brief rally off the open, the index found resistance at 2089.25 and declined through Tuesday's low (2083.00), reaching 2078.75 before attempting to rebound. The rally was thwarted at Tuesday's close (2085.20) and now the index is back under 2080. The current low is just above the lows from last Thursday (2076.50) and Friday (2077.75). If that area is breached, there may very little identifiable support in the index until its Fed day low of 2052.25. The

recently traded at $208.47, down $0.34 (0.16 percent) on the day.