The beat to extend higher at this time did stall at the earlier highs. The only difference did see the s&p make new pit highs, print of 1678.50, while the bid is still at 1678.70.
Since making its current high of 1678.50 the s&p did pull back to a low of 1674.50. A bounce ensued to tackle new highs, but the failure to do so did print the 1678.00 price that led to a last low of 1673.30. Bouncing to the # price of 1675.00 does see plenty of action at that level currently as it decides on its next course of action. I believe holding its pivotal price of 1671.80 is the key moving forward and a move under that price should momentum turning a trend south. The opening range is the key to the total reversal as it would then set sights on testing the daily fib of 1664.60 and target price of 1659.20 for today. However, at this time of day it would take some news out of the market place to see this change. New highs still has the daily pivot on its mind, followed by Fridays settle of 1684.80.
The Nasdaq did look for a turn, but did fail to confirm an overall swing to the downside. That last low of 3217.00 that led to new highs which still currently lies at 3232.00 / 3232.75 did hit that spot on right around 10:220 a.m. A bounce to a high of 3226.50 held its daily pivot of 3226.25 the second time around, as it did lead to a move under its pivotal price of 3213.50, low of 3212.00. However, it never did breach its opening tic of 2308.00 and followed with a bounce to a last high of “lower” high of 3219.50, which does signal chances of extending to new lows. but the jury is still out because there is absolutely nothing going on. New lows do take a look at the 3192.00-3188.75 area. Watch that opening tic moving into the second stage of today.
The bonds continue to do little. However, when it did make new lows by a tic at 133.12 it followed with new highs currently at 133.23, which just missed a key resistance price of 133.24. A move to test its opening tic of 133.14 did print a low of 133.12, but the failure to make new lows lead a bounce back to the 133.18 price. This future is just laying there with no commitment on what direction it wants to go. It never did see a test of its pivotal price of 133.08, let alone see its settle price of 132.31 from Friday, which in turn makes those levels as targets later in the day. I would like to see if stops appear at the 133.24 price the next time up there, as it would lift a move to the 134.04 level.
The trade is lethargic. Limited opportunities require patience as the day unfolds. Stalk, stalk, stalk, and pounce is what I say.