A Chop For Lunch
S&Ps are heading into a thin, locally dominated and choppy trade for the lunch-hour. Currently, S&Ps are trading at 1120, within the range we’ve seen in the late morning of 1121 to 1116.
Earlier, we saw some good buying at the bottom of this range. Now it’s quiet, and the market appears to be digesting the news from the war front.
Nasdaq is at 1516 in a quiet market that went to positive for a while, and then failed. We expect a tight trading range over the lunch time.
The market has held in the 1500 area, which is essential. Below this, 1498 to 1489 will be crucial support. The upside target remains the unchanged level and beyond.