All Sold Out
Blood was flowing early in the SPU pit, as locals and dealers continued their selling from the past few sessions.
However, after sell stops were triggered from dealers around the 1465 level, fresh buyers and short covering came into the market rather aggressively.
One of the things I like to examine is how we act at the half hours, and I can tell you one thing, there was huge technical buying at 10:30 CST from the hedge fund community. This type of action does not subside easily.
For the remainder of the session, I am looking for us to settle above the 1478.50 level, with a high being somewhere between 1485-1488. Also, watch for volume to decrease significantly after the lunch hour, as traders will head out for the summer weekend.
One more note that bears watching will be the performance of the NDU, this market loves to rally after lows made in the first 60 minutes – today could be another one of those examples. I have resistance from 3644-3690, but if we trade into this range, I think we could go for 3725. Any settle above 3710 bodes well for next week.