Hi Traders,
This Monday session here in the US has been hard to read, as market wide internals are moderately negative yet ES futures is currently at the top of Friday's closing single prints. US Treasury yields are higher at midsession so maybe that is keeping NDX from bursting on through the area just over 12990. You can see where the overnight ES session played out, staying mostly within the Friday single prints that start at 3934.75. If yields would pull back and breadth goes positive, I would assume we break through that level and ES tries again for 4000. Even though every dip gets bought, it has that feel of being driven by local short term players. If that is in fact the case, it is a guessing game - or at least a game for experienced judgment with audacity - for those with an overnight view. I am waiting to see some volume and expecting anything. SPX weekly major support is imo 3900. The point of contention appears to be 3930. Since it is only Monday, the hedging situation will alter again through the week, but that is how thing are staring out and I would assume stronger weekly support at 3900 and initial resistance at ES 3973.50/SPX 3980 and then 4000…again. This week is a four day week so factor that in as well.
