S&P Futures Morning Update for Aug 8, 2012

As I mentioned in last night's Blog - I was expecting a pullback today or tomorrow. The destination trade was/is 1405.25 to 1411.25 - however sometimes the market does not always get there. We are going to Gap lower today - the first observation will be if we can fill the Gap - if we fill the Gap can Value get to Unchanged. If the Gap is not filled the first downside reference is 1387 - the O/N lows from Aug 5/6 and below that 1384 which is the start of the single prints/Excess.