The Day Ahead: AM Edition 2022-08-11

Continuation up early in the equity indices but does it hold?

S&P 500

Futures were strong overnight and that bled into the open. However, it didn’t last long as selling came in just after 10am to take SPX down to retest the (c)=1.168(a) at 4222. I suppose most were thinking that being above 4222 is a positive but the converse is equally true, that a loss of 4222 today would be a pretty big negative. I think it is w…