S&P Morning Update for July 24, 2012

Overnite Inventory is Short but balanced within yesterday's range - also see last night's Blog Post. If we continue to auction lower, the first downside reference is 1340.50 - pullback low and then last weeks Low at 1339.25. The next downside reference is 4 period balance - the low of which is 1336.75 and also O/N low and Value Area Low from y'day. Any significant change will occur if Price and Value develops below 1337.

We are most likely going to Open within Balance and Range which means that we let the market shake out before entering a trade. Plus, we have a lot of news at 10 am EST.  Overall, the market is Short.