The markets are trading like the Day the Earth Stood Still heading into the noon hour. I suspect they will stay this way until tomorrows fed two day fed meeting announcement, but if anything suggests at this time, this two index futures appear they want to go higher. The only question is if they have enough in them to reach yesterdays highs.
Since making its current high of 1697.50 the s&p traded to a pit low of 1695370 / mini low of 1695.50. Those lows were tested numerous times and have yet to give it up. However, this future refuses to make new highs at this time and I would look for stops under the 1695.00 price for chances of reversing the little momentum there is at the time.
The Nasdaq after making new highs at 3182.50 earlier did fall back to a low of 3178.25. A move to test the 3188.50 price stopped at a pit bid of 3187.00 / mini high of 3186.50. Since then a low of 3179.75 was made, so if there is a change in momentum, the 3178.00 price needs to go, followed by a move under the 3182.50 price to seek lower ground.
The bonds did stay the course at its current low of 129.28, followed with a test of its opening high tic of 130.07, but when a higher low was made at 130.03, this future bounced to a high of 130.14. It has since retested its high opening tic of 130.07 and stays in that current range as I write. New highs target 130.31, while new lows still look for chances of 129.13 and 129.02.
All 3 futures are stuck within their trading ranges from yesterday, so one never knows what to expect moving into the second stage of the day. A move south in the bonds and I would expect the futures to head higher if there is any kind of inverse effect moving into the second stage of todays trade.
Overall the volume is light and don’t forget that these index futures continue to roll. Tough sledding / tab the board for clues.