The S&P futures printed nearly a 10 handle range overnight, printing a fragmented profile in its wake. The lack of any symmetrical shape clues us to the lack of balance in this price range.
As we approached midnight a a rally ensued but was entirely given back. We didn’t quite make it into the gap above 8/15 before supply came into the market. Going forward this week, it will be interesting to monitor any further strength in the market and whether or not price takes out today’s globex high at 1667 since swing high/lows most often occur during regular trading hours.
By this I mean we’re likely to see a more active test of the gap soon, where we can more actively assess the condition of the supply overhead.
Capturing 1559.50 was the accomplishment of the week for the bull camp. We’re trading right around this level early on. Whether buyer or sellers make the initial push from this level will be our early look into the market sentiment.Twitter