Mid Day S&P500 Futures Update
|1 min ES post S&P chatter|
|1 min ES PRE S&P chatter..|
As you can already tell the market is running on hopium and anticipation of a Europe resolution and possible QE3. Since none of the above is set in stone i trust this continuation of last weeks move about as much as i trust a man wearing 3 gold watches trying to sell me a fake Gucci bag at the corner of Broadway and 44th.
Anyway the chart above shows a clear trend break @ the about the 1162.5 level. This could be nothing more than an attempt to knock out some sell stops before we grind higher or traders are starting to get cautious and lock in some profits post breach of the 1266 level. Keep in mind CRUDE has already backed off highs of over 102 which in the past weeks has lead equities to their home before equities knew here their home was. the S&P’s are up 1.6% as crude is now only up .78% .. The euro is also quiet only up about .4% sitting on the 1.3456 level.
IF buyer come back into the spoos over 1265 we could easily see 1270 by the end of the day. though if 1260 fails as the lunch time trade concludes and volume comes back into the coffers we might give back quiet a bit as a lot of logical traders are scratching their heads.