Editor's Note

Currently 1,550 is resistance but the critical levels are 1,583 and 1,600. The 1,550 level puzzles me. That was not material resistance, but it has turned into a high traffic area. The Russell faded sharply at the close and broke through two hours of consolidation at 1,550. If it were not for the strong futures late tonight, I would expect the Russell to collapse on Friday. Whether the futures will last through tomorrow's open remains to be seen. The Russell futures are up +4.50 and the S&P futures +8. You may remember last week then the markets surged in the last hour of trading on a Friday and I theorized it was a program trade triggered to force short covering at Monday's open. It will be interesting to see if we get a similar pattern this Friday.



 

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