S&P Futures Showing Volatility In Early Thursday Trade
S&P 500 Futures are moving down sharply in Thursday morning trade, possibly as a result of the index breaking recent support levels.
Overnight, S&P futures traded in a range of 1986 to 1992.
Beginning at 8:00 a.m. EDT, S&P Futures fell to support around 1986, traded sideways for about 30 minutes and then experienced another drop to 1984.
Upon the market open, S&P Futures fell hard to 1975 where the index was met with a few buyers momentarily, but was overpowered by sellers and the index slipped to a critical support level of 1970.
On the hourly chart, 1970 has held as support five times beginning in mid-September.
At the 1970 level, the index did catch a bid for a few moments but did not have the strength to hold this price and quickly moved to 1965.
The index then slipped down to 1961.75, which is the low of the day.
Currently, S&P Futures are trading at 1966, below the 1970 support level found in earlier in the month.
As a result, the Volatility Index was recently up 18 percent, implying roughly a 70 point move in the next 30 days.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.