With one month to go until the 2020 election, the S&P500 and SPY are set will open above the key 50d moving average. Futures are substantially higher (3376), setting a gap up scenario into the 3400 resistance zone.
Price action tagged the 50d Wednesday morning, setting up a follow through with todays futures activity acting as a tailwind. Volume picked up following the first debate, while institutions “OI positions” suggest stability on a close above 3400 by “locking in” the large call OI at that key level.
- 35k puts added at 3180
- 35k calls added at 3510
Gold is trading higher, and crude a bit lower this morning. Futures are just below the best levels of the early Thursday session.
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