For yet another day in the stock market, higher lows hold.
Thus we get an early morning rally on the S&P 500 (INDEXSP: .INX). But be aware of overhead resistance here.
The S&P 500 market makers are showing a tight spread of +/- 43 points around the 2545 strike price for expiring options (tomorrow). That yields a range of 2502- 2588.
The rally higher continues to be a grind and strong resistance looms.
Pullbacks are likely to be bought due to positive momentum. But overhead resistance is creating a grinding motion.
Thus, breakouts may stall at layered overhead resistance levels. See details in video below.
Stock Market Futures Video Update – January 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.