S&P futures bears started pressing right at the cash open... and have carved out an 11ish point range so far. Intraday volume is suggesting it could be wider today. Short term indicators look ripe for buying and the bulls stepped up on a 5min setup at 1424 in the futures (SPX 1430). They are attempting to grind it back up here but there appears to be a lot of sellers lined up on the offer.
1432ish (SPX 1438ish) is a level I'm keeping an eye on... it's likely to be where the bears try to keep a lid on things if the bulls keep pushing. Intermediate term indicators still have room for selling, so I'm trying to keep that in mind in case we make another move lower into the afternoon.
