Yesterday, we noted that the 1925-30 level would present likely resistance to the S&P futures. The market couldn’t quite reach that level, stalling with no demand at 1924.25. Close enough. A swift, 10-point fall after the US open pushed the market down to yesterday’s low at 1914. This was noted as potential support on a Facebook post, with 1910 as strong support. We had a spring develop at yesterday’s low, which was then tested before pushing up 6 or so points. Overall, a solid Wyckoff trading day, despite the fact that the market was range bound.
We didn’t make any progress above Friday’s close today. For tomorrow, watch for resistance to develop in the same area: 1925 -30. Beyond that, 1935 would be the next resistance level to watch should the market push higher. A drop in the overnight market would have me looking to buy around 1914-1910, assuming the supply/demand conditions allow.
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