As expected today has been a very quiet day index wise. Volume is very low, SPY has done barely 50 million shares ES_F volume very low as you can see from the chart to the left.
As mentioned in the Economic burn this morning we expected flat equities and some movement in the currency and precious metals markets off the heels of the Chinese rate surprise.. we got a bit of the movement though gold is slightly up and the dollar is slightly
down. In my opinion whatever happened today is not worth writing home about.
As for E-mini levels today from the open till close was nothing but a melt with a few buying spurts as we broke upside resistance..So far the high today is 1254.25, we opened at 1247 with immediate buying. The 1251 level proved a bit sticky throughout the midday lunch session before a small buy program pushed us back up onto the 1253 shelf. To me nothing i saw today indicated anything new.. the equation low volume = buy buy buy was in play today. Tomorrow watch for upside over 1255 and downside support 1250 and 1247, though you must remember volumes will taper off again as we approach NYE Friday..