There will be a fierce battle between the bulls and bears between 1370 and 1380. Very strong technical support for the bulls. The bears have momentum on their side. The bulls have the Fed and the PPT on their side. Futures are fairly strong, tells me there is latent demand at these levels. Either that or a leak came out about an emergency Fed rate cut.
Just goes to to show what makes a market. I wouldn't have looked at a chart at 5:08 a.m. when you posted and called the futs 'fairly strong'.
Futures are strong considering INTC earnings and Asia weakness and have been slowly edging up. Seems like there is a buyer lurking underneath not letting futures go down too big.
Futures just hit its nut at 5:52 trying to hit a new low. The helicopter sounds are drifting away....
The 52 week low is 1364. The Fed is priced in.. at best there will be a short lived rally. The futures are weak.
Bulls are defending S&P cash 1370 fiercely here, which is around 1375. The bulls will not let the market gap down below 1370 which would bring out the bears. I see the futures being pumped higher going into the open as technical support buyers come in.
At least you've realized that the futures are not strong as you stated earlier. Saying that you anticipate strength at the open is another thing altogether. Fascinating statement. So you actually don't realize that the bears are already out? They are clearly out - whether they can be convincingly chased away is the only question now. Good luck with your longs.
I am not long, but will buy weakness today. Not much downside with the Fed as the backstop. The Intel earnings will be an excuse for people to sell, and today will probably be a bottom that will last at least for January. After that, all bets are off because we are in a bear market.