With the markets cycling between red and green this morning, we will wait for direction during the Opening Range.
SPY daily is near overhead resistance once again, while intraday price action found rejection at the block trade zone at 233.81.
We faded from this block level at 12:55PM and 3:40PM EST yesterday. Premarket price action is settling at 233.30. If price action can manage to surface above 234.30, there is little resistance, in the form of block trades, until we reach 236.70. Reference the block trades graphic above during the session.
We are in wait and see mode this morning. Look for the indices to move higher, if Junk and crude manage to push higher.
Pre-market movers: TSLA (+2.37%) XBI (+0.36%) also watching AMZN BABA FB. In addition, the watch list stocks all moved higher yesterday. Monitor these for the TD setup (Traders Tip #11).
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