Foundation
The S&P market is quiet at the moment, just what we need to build a foundation to move higher. This morning’s range has been 1434.20 to 1444.50. We have support at 1433.50 and 1431.50.
Every time we saw selling pressure by Locals in the pit this morning, institutions stepped in as buyers every 50 cents between 1437.50 to 1434.50.
I think we’re in a range-bound trade until later this afternoon. Remember, tomorrow is the Employment Report.
Overall, we’re looking for higher consolidation patterns, so if this rally is going to continue, there will be a platform from which to extend. But in the short-term, I expect this market to be relatively quiet until 2:00 p.m. Central.
My bias is to the upside, and I’d be bullish as long as this market stays above 1433.
Quiet overall until later in the day.