Tuesday, July 17, 2012

S&P Futures Update for July 18, 2012



No Change from a Weekly Bar  perspective - trending higher - next upside references are 1375 - high made in the Globex session and 1369.50 - Pit Session High. Following the early session break which adjusted the overnite Long inventory - the S&Ps rallied to close on the highs - capping an Outside Day. Following an Outside Day - expected behavior next day is further continuation in the direction of the Close. 




Looking at the Profiles - we had 3 distributions - treat each distribution as a separate day - trading question for tomorrow is - do we Open in or out of balance relative to Dist 1? Building higher Value and finding acceptance above Dist 1 takes us into the 2 day balance above - destination becomes 1369.50. Short term support is 1353 area.

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