Tuesday Prep

Yesterday was the first full trading session since last Wednesday and we saw an early failed breakout to the upside and then some two-way action defending the 2200 area. Short term sellers put the pressure on in the afternoon which was in alignment with the underlying NYSE internals.

The long-term trend remains bullish but, unsurprisingly, we are beginning to see sellers step in. This now gives us some resistance areas above where sellers are likely to step in again and potential for a small corrective move to at least retest the breakout from the prior all-time high at 2185.00 (back adjusted). A correction would be healthy for the longer term bull move and there are multiple untested prior daily VPOCs which a move lower could target and look for longer time frame buyers.

Overnight so far the range is 2198.75-2206.00 on light volume. 3rd Qtr GDP is due at 07:30ct and William Dudley is speaking at 08:15 ct

Zones for today: