Narrowing Range
S&Ps put in a new high for the day as the market continues to grind higher, challenging the 921-922 resistance area. Over the lunch time, however, we do not expect a range extension.
As we stated in the Morning Meeting, the favorable antitrust ruling for Microsoft has propelled the major indices higher. But to be sustained, we need to see broader buying.
Nasdaq has been consolidating around the 1060 area after solid buying in the Semiconductors. However, the range is narrowing and the trade is quieting down. Given tomorrow’s election and Wednesday’s FOMC meeting, the afternoon could be very quiet.