After last weeks epic examination of shorts bears like myself are now scratching our asses, though i am not dead. Yet. Anyway today we are seeing some lackadaisical price action which is expected after a 7% straight up move in about 5.5 days. The chart below is of the S&P500 futures contract which the area of focus is the white box. If the price moves into this area, it is anybody’s guess where the index will go but it is a good bet you can expect wide price swings as this area is digested.
|5 min SPOOS|