Taking A Breath
The market is taking a breath, trading in the late morning near the session lows. S&Ps are at the lows at 1228 in an otherwise quiet day, with a slow grind lower.
On the downside, our targets are 1225, 1223 (1223.80 is limit down) and 1220.50, which fills the FOMC gap.
This morning’s high at 1242 was at the edge of the neutral zone we outlined. On the upside, that neutral zone extends to 1257.
NASDAQ trading at 1843. On the downside, 1836 is the low after the FOMC cut.
Some talk in the market on whether the spike up in Semiconductors was “overdone” has put a damper on the NASDAQ today.
Dow holding above the 10,500 level.