A look at the S&P 500 spread expiring today at the 2750 strike sits around 26 points, leaving us 2776-2724 as our edges today.
Note that as I write this note, the stock market sits just inside the lower edge after the weak job numbers.
Deep moves yesterday after failed bounces show a lot of negative pressure still in play meaning that any bounces will likely fail at first passes into resistance.
This is because trapped buyers will be waiting in an effort to escape.
A failure to recover 2757 will see sellers take control and likely send us lower.
Divergent action allows for potential big wicks and likely reversals. Traders are filling in thin volume profile regions. Markets remain very messy and are quite volatile. Please use caution with size.
Stock Market Futures Update – March 8, 2019
The author trades stock market futures every day and may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.