Rangebound
S&Ps have been trading in a range between 1182 and 1189 since earlier this morning. Currently, we’re at 1188 after setting an intraday high of 1192.50.
The market has to get over 1194.50 to get the upside going, and below 1182 things begin to favor the downside.
Right now, we’re in a quiet, Local-dominated trade.
NASDAQ futures are at 1696, below the key level at 1700. Earlier, we hit limit down and then bounced. But the market has stalled at the 1685 to 1690 level.
It appears the market is still in the process of digesting last week’s moves and all the news since then — including earnings/warnings, downgrades and conjecture about whether we’ve seen the “bottom” as yet.
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