Will There Be Follow?
S&P futures have been slipping off the highs of the session and traded back below 930. The trading is slowing down after a strong rally off the lows. We are looking for a consolidation over the lunch hour, but continue to have a bullish bias based on this morning’s trade.
As we stated in the morning meeting, the key will be if the market can follow on yesterday afternoon’s strong rally.
Consolidation in the Nasdaq futures which is chopping in a narrow range between 1025-1014 since printing the high of the session. NDU was never able to get the 30 minute close above 1028, forcing more aggressive short covering.