The September Contract is still selling near a 4.5 point discount to the cash market, and the December Contract is selling at a 4 point discount to the September Contract. The market is still not very bullish on its future prospects.
The 877 area in the cash market is still support.
In the overnight market, 895.25 is resistance and 887.75 is support. The market overnight didn't try to push the market to a 50% correction of yesterday's range, which is bearish. We have a FOMC announcement tomorrow afternoon.
Charles
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