Mid Day S&P500 Futures Update (SPX)
The levels i mentioned yesterday 1151 and 1160 have kept the Spooz in fairly wide channel today. The typical pre market ramp carried the S&P’s from 1155 even to 1156.75 before retreating as the NYC regular session opened. The low today off the open was 1147.25, which attracted quite a bit of volume, about 25k contracts on the pivot. Apparently the bulls or fed, ha, carried the market straight up 7 handles in true afternoon melt up fashion.. good work. The spooz is still down .15% on the day, it is just to damn much for the market to hold onto any RED candles below .2% on any given day.
based on the lackadaisical buy volume this afternoon, i do not think this afternoon rally has very strong legs. 1155 if you remember has been a very stick level, this level has been support and resistance the past week.