Post-open eMini S&P 500 Update

Chicago PMI worse than expected at 8:45 am dragged the market down.  Consumer Sentiment at 9:55 am better than expected has helped establish support at the 50% retracement at 902.50 from yesterday’s afternoon swing low at 894.00.  Internals opened bullish, but reversed after failing to take out Globex highs and into the PMI report.  Longs want to get above the 61.8% retracement from Globex highs to morning low at 909.25.  As we write, shorts have sold off the 50% retracement at 908.00 (also VWAP) from this same range.

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