Aug 11 Market Commentary
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Overnight markets are mixed to green with only 3 red prints across Asia and EU is all green while SPY is up 1pt in pre-market action. Not much changed with yesterday’s chop as we have 780 as the major overnight resistance and 770 as support with the BBP at 765. Because we’re light on macro events today, we expect something similar in terms of price action today as it was yesterday. One thing that could break the stalemate is there has been progress on the talks between Iran and Oman on opening the Strait, so that could jar things up. Tomorrow though we have CPI which also could open things up a bit.
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