On Monday the SPX closed at 3577.59 with indices led by a very strong RUT and DOW but subdued by large tech. Small caps and industrials continue to take a share of the rotation out of technology and NDX is kind of riding along a primary downtrend line.
The ES futures made an opening run to just over the topside of last Wednesday's rth single bring emotional spike down - 3587.25 - on the initial balance on moderately strong NYSE internals, but weakness in the technology sector took us back down to overnight ES levels. We found support at the 3548.75 and worked our way up again on milder but still strong internals for an rth close of 3576. Note that Monday's ES point of control shifted to the upper side of the session profile and this a positive thing for bulls. The overnight ES picture is one of short covering prompted by the news of the president’s grudging quasi-concession and traders will look to see how internals are faring on any opening volatility.
Not much has changed as far as weekly support and resistance levels, but assuming price over 3600, SPX 3640 is certainly on the radar now. After that, they seem to be eyeing 3680. We are still in the window of disbelief. Keep in mind that Thursday is a holiday in the US and on Friday markets will close early. Hope everyone is doing well
