My brain got in the way of me trading yesterday. I’ll go into further detail this weekend. But first we must take our places for the finale of this week’s market.
Since gapping higher last Friday, the market has done very little exploration, however there is little occuring to make us bearish. We had a methodical seller Wednesday, but no follow through. We’re above the midpoint for the week and value has progressed higher (albeit at a slow rate) the entire week. I’ve highlighted the value progression in orange.
1514 was the floor during the globex session and has been a price that finds buyers all week. Losing this level today could signal the buyers active this week are removing risk going into the weekend. However, if the S&P closes above 1514 bets are being pressed.
The Nikkei was off over 1% overnight and our futures couldn’t press through this level. Don’t you want this market?
BOTTOM LINE: WATCH 1514 on the /ES
