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Today the S&P reversed the reversal… and the PitBull’s song “Take out the sell stops, take out the buy stops ” rang loud and clear.
We think there is an upside JAM job coming this week – midmonth rebalance and the August expiration being the catalyst.
High 1694.40 midday
Low 1679.20 midmorning
Last 1692.00 up 5 handles
Total volume: 1.55mil ESU and 3.5k SPU traded
MOC Sell 30 to 50mil
Tomorrow: MBA purchase apps, PPI, Atlanta Fed Business Inflation index, API and James Bullard speaks