Saturday, July 13, 2024

ES Morning Update December 13th 2016


Not much to add guys.  We are inching up a little more this more getting closer and closer to that old FP on the SPY from last November.  At this rate we should hit it before this week ends I think.  Again, 230 on the SPY is around 2300 on the SPX Cash and just a hair under that on the futures.  The December futures that expire this week are running about 5 points lower then cash right now but that can change with the roll to the new contracts for March of 2017.  Regardless, the 2300 area is the target +/- a few points lower or higher.

Anyway, today is likely to be another boring day as everyone waits for Janet Yellen to tell us if the Fed's are going to raise rates or not?  I really doubt if the decision matters as whatever it is the market has likely already priced it in.  Plus we know the target via the FP on the SPY.  So we just drink some more coffee, yawn a little while we do it, and leave early today as the market gives us nothing to do but watch.

Author: Red

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