The S&P Futures continue to be in compression mode. The ranges the last couple of days have been nice. The tape is whippy but tradable. The Bears made an attempt to break the bands to the downside yesterday morning with a move to 2248s. Bulls defended the move and when the Bears couldn’t defend the daily mid band at 2258 and the weekly pivot at 2262.7 the full V move was inevitable. Price moved back to 2267.50 at the close. The Bulls continue to be unable to convert 2267.50. Price resistance held through the entire Globex session. Bulls must break above 2267.50 today and stay above and make a follow through run to new all-time highs. The Bears are wounded enough to do so. If Bulls cannot complete that move I expect a retracement to the bottom of the range. That’s been the pattern of the week and absent a bullish move to the contrary it is the highest probability outcome going into the regular session.
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