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The Slow Grind Up – Futures in Five – Jan 8, 2019

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MARKET TEMPERAMENT – 

For yet another day, higher lows hold.  The SPX market makers now have a tight spread of 43 points around the strike of 2545 for options expiring tomorrow – 2502- 2588.  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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