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.
New positions are only added on Wednesday and Saturday except in special circumstances.
NEW BULLISH Plays
No New Bullish Plays
NEW BEARISH Plays
No New Bearish Plays