Nick Nasad
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S&P500 - Futures Rally Before Falling Back to Last Week's Resistance As Support

  • US equity futures (the S&P500) rallied overnight, reaching 1760 before falling back prior to the NY open.
  • The move overnight extends the positive move on Friday in which the key index was able to move above the 1750 level.
  • It therefore shouldn't be much of a surprise that that 1750 resistance level from last week is now being tested as a level of support.
  • In the 1-hour time-frame the current support is also the 55-EMA. 
  • There is a flurry of reports from the US this week, the Fed meeting, and important earnings. Let's see if there is much of a catalyst this Monday, and if the rally overnight was a harbinger of more gains, or if it was a fake-out, that will be followed by a pullback/correction.