Equities continued higher this session before retreating as the S&P reached a high of 1667 against our major target of 1666. Investors felt more comfortable with the likeliness of the Fed's backstop remaining in place.
The SEP13 E-mini S&P 500 has taken a significant (relative to recent movement) drop today on a much better than expected jobless claims number. We believe there are additional factors that are causing this drop.
Equities are higher after the S&P 500 hit a low yesterday of 1680.50. The question of the day is did you buy 1681? We have been talking about backing the truck up as 1681 for the last week and a half on a retest.
Equities traded in an extremely tight range last night and only widened slightly heading into this morning as the S&P 500 has a 6 point range this session. A lower high leads to the slight belief we are seeing some profit taking above 1700.