Futures are flat again this morning, trading in a range , roughly between 3400 and 3500. There is little change in institutions positioning or sentiment going into the US Presidential Election. A move above 3500 or below 3400 would give us a trend in that respective direction. For now, S&P500 futures are range-bound.
S&P500 Futures – Range-Bound
A break above 3470 is bullish to 3500. Range lows are 3418 ~ 3410.
TICK cumulative is bullish on the 60min time frame. A higher low printed on Tuesday compared to last Thursday.
A higher-high accompanied by a move above 3470 would confirm a bullish follow-through. Until then institutional sentiment is neutral to slightly bullish. That said, we anticipate this range to stick. 3400 – 3500.
Wednesday’s *Imp. 1 Day Move: 1.15%, 39.0 pts Range: 3413.0 | 3491.0
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Happy Trading,
Vinny
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*implied move and range courtesy spotgamma.com
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