Futures are trading higher this morning with S&P500 just below the overnight session highs (+20.00pts / 3426.75). SPY likewise just below resistance levels going into the opening bell. Going into Columbus Day markets are set to rally with the levels below dictating today’s range/implied move courtesy spotgamma.com
Summary
SGI Imp. 1 Day Move: 0.99%, 34.0 pts Range: 3391.0 | 3459.0
SPY Daily Chart
SPY is currently trading (+1.96 / 342.72) in the pre-market session. A move above these levels comes with an increase in gamma. “This brings more “mean reverting” price behavior as opposed to larger directional swings.” – Glenn at SpotGamma
- Fibonacci extension suggests revisiting all-time highs
- RSI is above 50 and trending bullish.
- MACD and Stochastic are bullish.
TICK Cumulative is Bullish
TICKc made a higher high on Wednesday confirming institutions have been buying the dips suggesting the bullish trend is intact.
Stocks to Watch Today
These stocks were on the S&P500 most active list. Look for elevated RVOL for potential follow-through trades today.
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Happy Trading,
Vinny
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