The high of last Friday’s range was $2,775.66, and the low was $2,760.24.
Any close of the S&P 500 below $2,740.24 will suggest that the smart money is getting more bearish. Any close of the S&P 500 above $2,795.66 will suggest that the smart money is staying bullish.
The Open Range method has showed a bullish bias from the smart money since January 2, 2019.
Keep in mind that this is just one of many methods we use to track if the smart money is either bullish or bearish.
SPX Overnight Futures
Overnight S&P 500 futures have started trading and so far look fairly flat.
Brazil futures are down by a decent amount on news that the Brazilian government has asked the EU for compensation after it imposed import tariffs on steel from major producing countries earlier this month.
Brazil has notified the World Trade Organization that it may adopt its own countermeasures to “rebalance” trade following the EU’s actions, according to a joint statement from the foreign, economy and agriculture ministries. Brazil is seeking 180 million euros ($203.6 million) in compensation.
As a reminder, on February 1, 2019, the EU announced limits on steel imports in response to President Donald Trump’s metals tariffs.
Trade wars almost never stay between two countries and there effects spread like a contagion.