First Look: 2022-11-23
S&P 500 futures were soft in the early morning with a retrace starting around 5am that lasted until just after the 8:30am econ data. Since then, futures have been climbing out of the hole, but I counsel against being too optimistic here. I think there is a good chance to trade back down away from 4028.75 and for the market to turn choppy ahead of the FOMC meeting minutes this afternoon at 14:00. Would be bears need under 4017.25 first and later 3987.25 to get any real traction.