Slow Grind
S&Ps are testing the lows of the day in the late morning, grinding lower in sync with the Dow.
S&Ps are currently at 1260, testing low of the day at 1258.50, which was set at the opening.
Strong open this morning leaving a gap from 1243.70 to 1258.50. S&Ps traded to an intraday high this morning at 1270, but have since traded off in sympathy with the Dow. Quiet mid-day trade in the Pit.
If we trade to new lows, we see critical support at 1250-1254, which we must defend. On the upside, above the highs of the day we have resistance at 1270 to 1272.50, and then last Tuesday’s high of 1277.
Dow cash meanwhile is up 49 at 10,611, but is 80 points off its intraday high of 10,691.
The strongest performer of the day thus far has been NASDAQ, holding above the key 2000 level, up 100 points at 2012. We have support at 2005 to 1990.