Buying pressure in the stock market has forced sellers to the sidelines for now, but these buyers have backed off from highs.
Pullbacks are buying zones from an intraday perspective.
The S&P 500 spread expiring today is around 19 points – tighter than yesterday – and at the higher 2740 strike leaving us a range of 2721-2759.
Traders rejected the upper edge of this region during premarket.
As usual, any breaches of support/resistance will likely have a retest.
A breakout above 2759 (and hold) will spark more continuation in an overall bullish motion. Staying above 2726 keeps us in the hands of the buyers.
Stock Market Futures Update – February 13, 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.