Actually it didn't happen until 2:27, and was proceeded by a high to low transition on the PREM at 12:26-12:27, followed by a local low at 12:28, the lowest since 12:30ish. Looking at the futures, 872.00 was support/resistance hitting against it a few times in the 1:30ish area, coming back and just touching it from above at 1:45 and resistance from below from 2:10-2:15 and then touching it one last time at 2:26 before sinking to 868.00 at 2:31-2:32 where we did a small bouce and retested 868.00 at 2:40. The SPX only barely got under 869.00.
Looks like we got through 872.00 on the retest. The local extreme the PREM hit at 2:28 looks like it marked a turn point. The PREM is now spiking higher. Hm, looking like the SPX cash is leading instead of the futures. Very nice smooth up trend on the SPX and Dow, but the futures got stuck in the 870 area at 2:45. Pushed back at 872.00 at 2:51. Didn't break through until almost 2:56.
Somebodies pushing the markets again. Wouldn't you know it, news of a Fedex truck exploding.
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