The SPX 500 sits about 6 points higher than the close on the S&P 500 (as of 7:30am EST). Taking a Fib retracement from the 2011 high to the 2011 low, we sit slightly above the 38.2% retracement. This area could play out to be a support level prior to Prelim GDP at 8:30am EST. If the SPX 500 continues to gain ground until the FOMC Meeting Minutes at 2:00pm EST, we could possibly see risk come off quickly as we approach Thanksgiving as US markets are closed.Trading in these conditions can be extremely volatile, be sure to use proper leverage.
