Kudos to MMs

Pre-market futures traders pause at pulling the trigger and taking ES below 800, as they have seen what the recent results of selling these levels are.

This should be an interesting day. I doubt 800 holds, but 792 probably does.
 
SPX goes out about 35 handles below "FV", imo. It has been a long time since we have been this far below "FV."

On the other hand, the close below 792 is extremely dangerous.
 
Watch WFC. If the market begins to ignore it, or WFC starts to get a bid, SPX will likely go to 800.

Imo it is no exageration to say that a large part of the fear today is due to WFC concerns.
 
GS news complicates things a bit at this point.

Odds against an 800 run today seem to be diminished by half given the GS news, in spite of the fact that we are going even more below "FV".

Very very tough.
 
Edge is huge to the long side. Easily we are 50 handles below FV. 800 a cinch imo, barring any more bank surprises.
 
While it is certainly possible for SPX to reach 800 today without much NDX help, we definetly want the % gain in NQ to at least equal ES % gain. Otherwise, ES may have to do too much heavy lifting on it's own.
 
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