US Mid-Session Update We have what amounts to a mini liquidation...

US Mid-Session Update

 

We have what amounts to a mini liquidation at mid-session after a daily futures high of 2814.   There was a gap up today and the SPX would have to fall to 2794.50 for that to be filled.   This is typical for a gap after many other gaps. Breadth fell from the open and that was one of the clues that a break was coming.   Buying pressure is still strong and they likely want to close over 2800 today.  ES Profile.

 

The president has taken advantage of the upward momentum in the market by tweeting that oil prices are getting too high and that OPEC should "take it easy" -- and that knocked light crude down by over 3%.  That did not help the energy sector or the market.  Keep that mode of operation in mind.  You have seen it before.

 

Comment

 

Profile traders will attest that there are multiple unfilled gaps and extensions of points of control without back and fill repair.  What that means in non-profile talk is that there is unrepaired upside in relative, historical terms.  While this can go on and on it is worth keeping in mind.