The Morning After
The question on everybody’s mind this morning would be the sustainability of yesterday’s recovery off the fresh contract lows.
Today’s session feels like a hangover — did we really trade into the 1200 handle in the SPZ? The Nasdaq finished lower on the day — by 4%? None of this seemed feasible this morning, but it did happen. Now, where do we go from here? The SPZ made a nice upmove to 1338, but failed to even make an attempt at my resistance area between 1341-1345. Much of this is due to the inability for the market to get any more enthusiasm before the weekend. Especially in light of the Supreme Court hearing about the election. Just too many potential suprises.
So, I suggest keeping it very close to the vest in here. The trade this morning was solid, but I expect a thin, choppy trade into the afternoon.