hey guys i will be in the BF late by 2 minutes..wanted to type this up and im on my way home now..
morning folks…futures been steadily improving all morning based on the economic data on jobless claims and gdp. both numbers were lets say better than the worst it could be…so thats giving us a bit of a pop. OIL is super strong. Once again that OIL range we always talk about is still doing its thing UCO bounced strong off the 8.50 level as always.
This morning we have three more reports due out – Chicago PMI at 9:45, EIA Natural Gas Inventories at 10:30, and the KC Fed Manufacturing Report at 11:00.
We also have helicopter Ben speaking at 2.30
Nothing was resolved yesterday…like we already knew. The market is pingponging between some major support and resistance levels..trying to figure out which one it wants to do.
this might resolve itself next few days as typically the last few months we have had a 1st day of the month “thrust”
SPX levels to watch 1150 (resistance)
the 20 day (1,121), and the 200 day (1,117). For the bears to take control, we’ll need to see all three support areas taken out in the most spectacular fashion and especially a close below S&P 1,120-1117 zone