S&P500 PreMarket Price Action
After hours trading saw prices move quite a bit, moving all the way down to touch the 1037 area and then retracing back up through the early hours of the morning to trade back to resistance in the 1061 area. A 28 point range for overnight trading is a larger range than I’m used to seeing overnight. Yesterday’s trading volume was about par with Tuesday’s (about 2.5M) and saw a test to the downside, with the daily closing in a hammer.
Price could see a retracement today to the 1061, or 1066 levels, with 1072 as an extreme high target. To the downside we could see 1049.00, 1044, and possibly a retest to the 1036 provided the sellers move in and are motivated. I’ll see you at the starting line!
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