The SPX 500 sits about 5 points higher (as of 8:15am EST) than Wednesday’s close on the S&P 500. The 0.618 Fib will come in as a resistance point at 1,255 and we also have the 200 day moving average at 1,258 as another resistance point. Volume has continued to decrease as we approach the holiday weekend and the VIX is trying to break below the 20 area. If you are still trading in these conditions take extreme caution with the light volume as we could see whipsaw price action. Remember that Mario Draghi will be speaking at 11:00am EST and that ECB press conference should be considered as its own trading session.
