Sunday Evening Futures Update "The Phantom Buyer" (SPY)
It is 8:30 on September 26,Globex opened up about 2 hours ago, the phantom buyer ramped the futures 4.75 handles in about 4 minutes. The S&P’s traded up to 1149.75 testing the level two times before retreating back to 1147. We are up 4 handles from NYC close on Friday, not a single thing has changed around the world for the better the last 48 hours, though i guess whatever did change was good enough for a 4.75 handle run up as soon as the futures opened.
It looks like the futures are going to break down through 1147.50, though the longer a triangle takes to form without breaking out the more likely it will fail in the opposite direction. IN the case of the chase above, it would not be crazy to see the descending triangle break out to the upside over 1148.25.