Pajama traders were at it again last night,
…… pushing futures lower on the Globex session.
All of this flies in the face of SPY block trades executed yesterday, which built a formidable layer of support and resistance that SPY traders will face this morning. Large blocks traded between 262.84 up to and including 264.70. SPY is trading at the latter zone in the pre-market session. The chart below was taken at 3:50 PM (15:50).
After the closing bell, the following levels appeared in massive blocks along 264.99. Bears need to hold this line in the sand. If price drifts up to this level today, look at the opportunity as a short, if resistance confirms.
Some additional trades were seen above 265.30. Watch TICK cumulative.
Keep an eye on these levels this morning.
Vinny
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