MARKET TEMPERAMENT –
Prices have stalled at resistance but with lots of momentum to the north, it seems likely that we breakout and move forward into the higher regions of congestion. The SPX market makers now have a tight spread of 27 points around the strike of 2570 for options expiring today – 2543- 2592, so we definitely want to pay attention to that. STRONG resistance zones in play but pullbacks will be buying zones if momentum holds true. Breakouts are still likely to stall as they head into higher congestion from the past.