E-Mini S&P 500 Surges After Bullish New Home Sales (SPX)

This is the 100th posted article on TalkMarkets from us! Honored to post this full article here:

  • Daily with Inside Day Break lower.
  • Stronger new home sales than expected.
  • Daily testing EMA100 with hourly price battle.

The E-mini S&P 500 Futures (Dec) contract dropped about 2.06% in yesterday’s Globex session after the market found sellers above the mentioned inside day. After stronger than expected new home sales of 1011K, the market surged higher above the balanced price range and eat the gains back into the distribution to find new buyers again in the New York trading session.

Weekly perspective fell the fourth week, testing the daily microbalance area which is confluent with the EMA100 for support. This brought the market into the balanced price battle around the current week’s lows. Waiting for the upside reversal or pullback towards the inside day to conclude bearish scenarios might be the plan for now.

 

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