If all you had to know was one level for Wednesday’s trading in Crude, it was 106.90, which delivered a huge 2-point move when price failed at this zone early in the session. That’s $2,000 per contract traded in a matter of 3 hours, which is tough to be beat.
The S&P 500 futures are getting closer and closer to reaching 1700, but the pace has been snail-like. I’ve said this all week, but today could finally be the day. No, really. If price can remain above 1690, there’s a great shot to test 1700 today. But as I’ve mentioned before, I’m more interested to see how the market will react once this level is hit. I’m leaning toward higher prices toward 1710 before any real signs of selling are seen. But only time will tell.
Is today the day that the S&P 500 futures hit 1700? We’ll see, but whether it happens today, or later in the week, I can’t see price getting this close without hitting this level.
The E-Mini S&P 500 is beginning to show signs of exhaustion, and the NQ is already below major support. Gold continues to build out within a large trading range, and Crude could be closing in on a near term high. There’s tons to play before the weekend starts, but let the market come to you and watch your levels closely. The first zone that I’ll be watching is 1683 to 1684.50 in the ES. A failure here could introduce big time selling. We’ll see soon enough.
It seems like the entire market is coiling. Nothing is moving, but everything has huge potential for movement. Like the market, I am in “wait and see” mode, and we have a slew of reports and news out today that could finally influence a breakout in a wide variety of markets.
