Sideways
The S&P market is in a sideways pattern at midday. To get the upside moving, we’d have to get a 15 minute close above 841. Above that, as stated in the Morning Meeting, we have a resistance area at 843.50, the weekly open of 844 and a pivotal area at 845.30.Â
For the downside, we’d need a 15-minute close above 836.50. We have longer-term trend support at 833.50, which should hold the first time it’s tested. If broken, the target would be 830.Â
In the Nasdaq futures, to attract buyers, we’d need a 15-minute close above 998.50. For the sellers, we’d need a 15-minute close below 992. On the upside, the numbers are 1003, then 1005.50, 1007 and 1009-1010. On the downside, we have support at 988, which should hold. If broken, however, the targets would be 985 and possibly 983.