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S&P 500 Daily Analysis

|Includes: SPDR S&P 500 Trust ETF (SPY)

SP500 SEP contract had kind of a lackluster bid bias type trade yesterday in the morning session on June 14th but the afternoon was high-energy bid into close.

SP500 SEP contract was somewhat mixed as the last full trading day for the June contract was yesterday. Typically we see lackluster type conviction associate with the trade right before expiration and yesterday was no exception. The SEP contract posted a day session high of 1327.20, a low of 1307.50 and settled out at 1326.20.

The morning session was mixed with a bit of a grind higher. Initially off the open we saw good paper buying, locals stuck short and a strong TF. The grind higher shifted into sideways action for the mid day and early afternoon trade with a range from 1315-1320. Around 2pm CT SP500 SEP contract started to sell off and we were exhibiting some weakness when a rumor out of Europe hit and strong bid activity came in. A huge run up from 1315 to 1327 was the result, and while we did pull back to test 1315 after posting the high of 1327.20, we managed to close on the highs at 1326.20.

Other major markets were quiet Thursday. Bonds kept within a tight range. Crude continues to hold levels below $90 a barrel, but was quiet. And the Dollar for the most part was unable to get anything going with any real energy. This all could be attributable to the options expiration and futures roiling out as mentioned above.

Today with very little on tap in terms of numbers scheduled for release with the potential to move the markets, traders will be watching the upper level of the balance formed on the daily timeframe in the SP500. The 1330 level has been tough to get above recently, and in the overnight headed into Friday's day session trade an attempt was made but initially rejected. Traders will be watching the pull back in the SP500 from the overnight high of 1332 back to the high from Thursday at 1327 and reaction to price activity at those levels.