Short Term Trading Week Starting: 25 Feb, page-84

Pre Market Stuff

ES futures are dawdling again and US Treasury futures are flat after yesterday's run higher.

USD/JPY is flat and GPB/USD is up again on Brexit things. SPX futures are trying to find support at a 30 session high volume area. A failure to maintain price above 2785 will put 2765/2770 into play.  That is the top of the gap from 14 Feb.  Bulls would not like to see a failure of that support.   An open and maintenance over 2790 will put 2800 back into play.   This looks like something that might be approached on an intraday basis.  Buying has dried up and many short term traders are content to watch from the sidelines.

There is the notion that much of the positive news around the trade war thing has been priced in and traders who have benefitted from a 20% run in the SPX are occupied on this week's aforementioned US Political risks -- which are quite substantial.  That does mean that we don't get some surprises from the political summits going overseas but might be viewed as  a distraction technique. The market is in pause mode and its influencers are in  carnival mode.   This means that many traders might go into intraday only mode.