MrTopStep’s Danny Riley says that the SPH /ESH made a high at 1385.00 in GLOBEX and talks about the 420k ESHs traded in GLOBEX being a high level of volume for what the index markets have been seeing lately. Riley says that the SPH opened at 1352.00 on the 8:30 open and sold off down to 1348.00 completing a MrTopStep trading rules called the “10 handle rule” (1358 Globex high to 1348.00 day low) Riley goes on to say that the “shorts keep fueling the markets higher here; they don’t believe how much the markets have gone up so they sell it. In turn the sellers put in buy stops and those buy stops end up electing the offers in the ESH that make up the buy programs” Riley says for those non believers at 1367 the S&P will be on a 41 week high. Riley also says were not here to fight city hall!
**Filmed on the trading floor at the CME Group. Produced by MrTopStep Productions.