E-Mini S&P 500 Futures
Buying shut off at 1076 in the overnight session, ahead of the 1077-1079 Resistance Area. Price also hit our 1064 target, with the overnight low at 1063.50. Resposive Buying was expected at that level, and price retraced to 1068.25. There's a good chance we'll test 1064 again during regular trading hours, unless Responsive Buyers are active right off the cash open and can push price above 1074 (not expected). Today is Options Expiration, and the highest $SPX Put/Call Volume is at 1050 followed by 1100. Typically, they'll try to push the market towards the highest put/call volume in order to expire the majority of the option contracts worthless. It doesn't happen every time, but it's something to be mindful of. I expect Responsive Buyers to be active on probes below 1060. After yesterday's Long Liquidation, I anticipate Responsive Sellers to be active at every Resistance Area.
Econ Data
No scheduled econ reports. August Options Expiration.
ES - Daily Chart with Volume Profile and Key Levels (click on image below to enlarge)
