Quiet Mode
After a flurry of strong buying early this morning, the market has settled down into a quiet mode. Certainly, this market continues to be overshadowed by election news. And, of course, tomorrow brings us the one-day FOMC meeting. It’s typical for the market to quiet down before an FOMC meeting and, despite the latest news tidbits coming out of Florida, today appears to be no exception.
This morning, S&Ps had a gap opening between 1375 and 1376, which we had said would be a key support area. Buyers came in strongly at the opening and continued buying up through 1382.50. As we had opened earlier, we saw 1382-1383 as a key level.
Thus far, we have an intraday high of 1386 and a low of 1374.50. For the most part, I think we’ve seen the range for the day. I wouldn’t be surprised to see a day high of 1386.50 and a low of 1371.50 today.
For the S&Ps to remain bullish, we have to stay above 1383. To erase our bullish bias totally for the day we would have to break underneath 1371.50.
Otherwise, this is a quiet market, waiting for news.