Wide Range Days across the board as an abundance of economic data both overnight andat home goosed the markets in all directions. Below is a chart of the Eminis with the main levels I am using tomorrow. After such extreme range days, the mornings often form early rotation. The first move off the opening price is often a fade. This ought to apply to most markets that had range exapnsion on Friday.
Though the market had a good short covering rally at the end of the day, damage was still done. The saving grace was the Russell, which did not confirm the downside flush, only taking out the previous day’s low. This 1169.25 is stll a key pivot to watch. The SPs found support in the “pocket” on the first push down (1814) Will they find support now in THursday’s pocket (1816 – 1818.50) …1821.50 – 1822.50 was the pit session high volume node.
Have a great weekend! Linda