Mid-Session Update Good morning, Ok that's better, the echo is...

Mid-Session Update

Good morning,

Ok that's better, the echo is gone and you all are back. I guess you were very busy the last few days.

Today, this photo sums up the balancing action. The 200 day moving average is providing resistance for both the SPX and the NDX on less than spectacular NYSE breadth.

ES futures formed a compact profile overnight and today's SPX support profile is so far unchanged. 2730 acting as support and 2700 is now more stable support than earlier in the week.

There is chatter and speculation that a meaningful number of hedge funds have missed out on this run and are now busy triangulating future entry points. It makes sense. Recent NYSE auctions show that everyday folk are a bit excited too. That is not an endorsement of the move but merely a way of conveying some information that could be remembered on any break of recent support levels. The action is bullish but time frames are everything as participants wait for catalysts to justify the grind higher.

Incoming
There is a 27B 10-year note auction at 13:00 ET, Fed's Quarles at 18:00 ET, Fed Chair speaking in DC at 19:00 ET/08:00 AWST/11:00 AEDT. The event is public and questions will be answered.