Consolidation Mode
A very quiet trade in the pit as the market continues its consolidation mode. S&Ps are at 792.50, within a range of 794 to 790 that we’ve seen for the past hour or so. We expect a rangebound trade through lunch. If S&Ps can sustain a bid above 785, however, odds favor a move higher in the afternoon.
As we said in the Morning Meeting, yesterday’s trade was very choppy between the range of 780 to 790. We would expect choppy action in this area as well today.
Nasdaq is consolidating between 835 and 842. The market is taking a breath after a volatile morning session.