The market is currently about 1 point above the 11/02/09 pivot high of 1049.50. It is also about 9 points above yesterday's 1615 ET close of 1041.50.
If the market trades back below 1049.50, there is a good chance that it will close at least half of the opening gap. We have the FOMC Announcement at 1415 ET this afternoon.
Charles
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