S&P Futures Update for July 3, 2012

Monday Open was at the Top of Friday's Spike - the market looked above Friday's high and found Sellers. Coupled with poor ISM data the market sold off for the first 4 periods before finding buyers 1-tic above Friday's POC. Despite the early sell-off Value was overlapping to higher. The market closed essentially unchanged from Friday's Settle. Given the holiday week - volume was very light and will continue to be thin tomorrow.

View Friday and Monday as a 2-day balance and apply the rules for trading Balance. We have a poor low - shown in the profile above and the 18.5 handle Gap below us. We have resistance at 1364-1365 area above us and 1342-43 area should offer short term support.

With Employment Data due out Friday, larger fund managers are most likely to stay on the sidelines. Markets close early tomorrow - 12:15 CST.