The S&P is on the move still. The weak Friday action is continuing as US markets come online this frosty Monday morning.
The futures gapped higher a bit Sunday evening and methodically rotated the gap off before initially holding the Friday lows. Around 5am price took out the overnight highs and was met by sharp-reactive selling which makes 1707.50 an interesting level to monitor today.
The selling is accelerating as a write, and it has effectively erased all of the gains from the no Taper Fed announcement. Therefore, the broad index will have an overhang of supply as we start the week.
After a fairly long period of quiet consolidation both before and after the Fed last Wednesday, the S&P certainly seems out of balances which could increase intraday opportunities for the astute trader.
I have highlighted key price zones to measure sentiment upon today, and also a few profile scenarios on the following market profile charts:
