The S&P 500 spread expiring today is tight at 16 points around the 2735 strike. This leaves offers up 2719-2751 as our range of priced motion.
We have been pressing higher but this tightening range requires traders to watch their edges.
Momentum remains very bullish.
Until this shifts, all our pullbacks will present buying oppotunities.
That means we need to look for higher lows to engage in buying events in order to manage risk appropriately as an intraday trader.
The KEY watch state today will be – can we break above the 2734 congestion level on S&P 500 futures and hold there.
Stock Market Futures Update – February 6, 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.