All of a Sudden, the Sellers Disappear... Again
Once again, it appears that the e-SPZ (e-mini S&P 500) has satisfied a minor pullback, and has turned up into the initiation of another upleg.
Let's put it this way: the index had to find support between 1750 and 1747, and sure enough, pivoted sharply right off of 1750.50.
Now the question is whether or not the bulls can jam the index up through the prior double high at 1764 to try to trigger short-covering that will propel the e-SPZ to test and to hurdle the Oct 30 high at 1773.25?
I must confess that at this point, I will be surprised if the bulls fail to produce a late-session jam-job above 1764.
At this juncture, only a decline that either closes nearer to 1750, or breaks 1750 will argue for further weakness.