Up, Down, All Around
An emotional trade during the first 120 minutes in the SPZ, as players are trying to figure out the next market move.
Both institutions and locals have been trading aggressively long and sale side.
The key question being talked about in the pit is whether or not the SPZ can hold this rally. If it can’t, I am looking for a move down to 1455 before this session is over. However, if the market can hold above the 1471 level, we expect a move toward the 1484 zone.
As you can tell by reading this, I am relatively confused to the near-term move. However, I would say this: If we cannot rally today, I believe we are on our way to 1420 before the selling pressure subsides.
As for the remainder of the day, expect increased volatility within a range of 1 standard deviation.