S&P500 Burden of Proof Lies With The Bulls May 7, 2015
By Lawrence
After 2 big range directional down days there were still people dumb enough to short the previous day close / current day open. They provided the fuel driving the stock market higher this morning.
This pullback is expected and in progress.
The real fight for SPY is whether it will sell off later in the afternoon from 209 with a weak close. If so, we may get down to 205 much faster than many people think.
Overview
Emini overnight range 1876.50 up to 1903.25
Overnight Midpoint 1890.00
Previous Day Mid 1887.25
Emini S&P is now trading at the top part of its range with a gap up. ...
Lawrence's Comment
Recap
Flushed down to Y-2 and found support. Gapped higher to test Y-1 and stalled. Swinged around Y-1 while waiting for NFP. NFP Friday open held the open gap below ...
S&P500 Burden of Proof Lies With The Bulls May 7, 2015
After 2 big range directional down days there were still people dumb enough to short the previous day close / current day open. They provided the fuel driving the stock market higher this morning.
This pullback is expected and in progress.
The real fight for SPY is whether it will sell off later in the afternoon from 209 with a weak close. If so, we may get down to 205 much faster than many people think.
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