Despite jobs data continuing to come in this week, price action in the major indices and even in bonds has been extremely muted. With price action as slow as it has been we aren't seeing the typical reaction at resistance as we would during a normal market. This is typical of December style price action as fund managers wind down their strategies into year end on participation levels drop.
For $SPY, $605 remains a point of interest but if buyers are successful in pushing us through, we could see $610 and perhaps the 6100 call wall in short order.
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