|30 min ES|
The S&P 500 held the 1360 level like a champ again, setting the price up for another pinch over a downtrend/pivot point @ 1367.50. The previous pinch level was 1370.. which turned into support post today's pinch. I would not be surprised if we trade back down to the 1380 level as the evening progresses.. though a lot of damage was done to short books from the 1375 level. The market is manic. remember this.... those who are manic are unpredictable. Spread.
Zerohedge mentioned today's rise in equites could be a result of one JPMorgan prop trader trading within the companies treasury...... this is a strong possibility as i have said many times before.. too few parties control much to much trading capital. This gives a single individual and or a single desk the ability to move the entire market.. This ability to move the market is aided by the fact the entire market is tied together via arb boxes and HF dispersion trading with ETF components.