Morning Call: Futures Follow Through on Yesterday’s Breakout
Futures up a bit this morning after yesterday’s big follow through. All indices closed at multi year highs. I still hear a lot of complaints from those fighting the tape. From those upset on “why” it’s happening, or what the ramifications might be! Those fighting the tape are using opinions and not technicals. They are making excuses instead of taking accountability for how they approach the markets. With all that said, the markets will tell us when these policy’s “might” come home to roost. Right now, we can’t control U.S policy, Europe or the potential of China slowing. We can only control our actions.
SPX next big resistance spot is 1404-1407. The major resistance above that is 1440. Support is around 1378-1382 (some work above this zone would be constructive). At this point I wouldn’t expect much today. Up or down 6-7 points in the S&P’s would make sense, or up or down 30-70 points in the Dow. There will be continued individual stock action
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