Wow! What a wild start to the year.
The S&P futures have already traveled 133 points with only one cash session under its belt. That is equivalent to 5.3 percent of the index.
The futures are down almost 30 points in the overnight session, which places the fair value cash at about 2485. Note, the low so far tonight was 2570.75 or the cash fair value of 2473, which is above today’s cash low of 2567.47. Use that as a marker and a level that now needs to hold, equivalent to 2470 on futures.
To the upside, is today’s high of 2519.14; a close above today’s at 2510.03; the 20-day at 2563.73, and key Fibo at 2573.61.
On the downside, the key Fibo at 2486.84 and today’s cash low of 2467.47.
This is one helluva glitch. The year is going to be a rumble and grind with POTUS and the President of the PRC now trying to move stocks higher. Be aware, be very aware.
China stocks up in Thursday morning trading. Watch that space.