By Andrew Nyquist
This past weekend provided for additional volatility in the financial markets, as expected. On Friday I wrote about last week’s technical breakdown and poor closing print on the S&P 500. This breakdown set the tone for Sunday night’s futures session, as European election results were uninspiring and the talk around town. In fact the atmosphere became so bearish that the futures flushed down into the 1340’s. This “flush” eventually led to a strong rally in the futures that has carried over to the cash index today.
Near term, it appears that the bears got a bit too eager, too soon. But the markets are still volatile and the bears are still clinging to control. A sustained move above 1370 would neutralize the situation. Watch today’s action and closing print.
Remember to block out the noise and let the levels do the talking. Define your risk.
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Twitter: @andrewnyquist and @seeitmarket Facebook: See It Market
No position in any of the securities mentioned 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 his employer or any other person or entity.
