First Look: 2022-10-11
S&P 500 futures were soft overnight making a new low and leaning on the 3590.75 support zone but had a nice bounce up into around 8:30am at which point it looked like there may be a minor retrace into the open and then bulls could buy. That was not how it took place. Instead bears came in hard against the Nasdaq 100 which pulled the E-Mini S&P 500 down with it. Strangely enough, Dow futures remained unaffected and maintained the look that I was expecting out of the S&P 500. Did get a day session low just under the 6am low after which the Nasdaq and S&P 500 finally came back to life. Recovering 3610.25 is a positive for a try at testing 3639.50 later in the day. I doubt they are in a hurry to push for the overhead resists. My main hypothesis is there is a bounce in wave [II] into tomorrow afternoon for the FOMC minutes or Thursday morning for the CPI number.