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| SPX Daily |
The S&P500 cash index closed down on the day and then futures moved up a little to close out at the same level as Friday (1402ish). There are some mixed signals out there, but I'm thinking we will pull back a bit more tomorrow and possibly Wednesday. I'm trying to stay open to the idea of a push up to that 1420ish level on SPX, but I'm starting to think we might need a shakeout before heading up there. The potential levels of support I'll be watching in the futures are 1387ish (1390 on SPX), and then 1377ish (1380 on SPX). 1360-1370 on SPX is a heavy volume zone and I expect the bulls to make a stand there if we get that low. If the bulls gap us up tomorrow morning, I'll be on the hunt for short entries.
