MARKET TEMPERAMENT –
Futures contracts have rolled and we seem to be looking at another sideways day. The week as a whole has seen lows from April but holding heavy congestion of November. If we were to have a Santa Rally, this is where it would engage. And since we are coming off the lows this morning that test weekly congestion, buyers seem to be piling in after the overnight fade. For a second day, markets appear mixed with traders at support they would like to attempt to stretch beyond. Our intermediate bearish tone still suggests that bounces will fade at resistance. We must continue to watch our edges carefully in this range bound space.