ajtj99's Market Pulse

[ajtj99]

It almost looks like forced selling and forced position unwinding, but it's hard to know.

I don't have a good read on the SPX right now other than watching the 1295 level as support and the 1321 level as overhead resistance.

The ES took out the Fed day low that was equivalent to the 1295 level yesterday evening, and often times when that happens the cash will seek out that level as well. We saw that this week when the ES hit 1253 overnight and the cash dropped back to 1257 eventually half-way through the day session.