Quiet and Range-bound
The equity index futures continue to trade on the path of non-volatility as most participants wait for next week before making any large scale bets.
This morning we witnessed some building on yesterday afternoon’s strong rally. However, things quickly fizzled as higher prices could not generate any fresh buying. Locals have been major sellers in the SPH, while institutions have been scale-down buyers between 1353-1350. Currently the market is trading 1347.50. We have scale-down support between 1343-1338, only a close below this zone on a hourly basis would turn us decidedly bearish.