MARKET TEMPERAMENT –
In a continuation upside after the jobs numbers whipsaw, the higher lows still hold. The SPX market makers now have a tight spread of 24 points around the strike of 2530 for options expiring today – 2506- 2554. We continue to grind higher with STRONG resistance zones still in play suggesting that our pullbacks will be buying zones and from a momentum perspective, these pullbacks appear to look shallow. Again, heavy resistance is present so watch those breakouts to stall as they head into higher congestion from the past
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