A Good Pause
S&P futures were going mostly sideways this morning, after a trade up to 1299 — just short of the 1300 target.
Overall this is a good pause for a market that saw such a strong run higher yesterday. The low of the day is 1284, above a support zone that goes down to 1283.
Volatility is slowing in the late morning. S&Ps are chopping around between 1291 and 1287. Expect a quiet lunchtime trade.
NASDAQ trading at 1921, chopping around in a range between 1930 and 1910. Below, 1910 we would expect selling to accelerate, possibly filling a gap at 1896.
Gary
Kaltbaum on TradingMarketsWorld! Gary Kaltbaum will be appearing on the
Intermediate-Term Trading board Thursday, May 17 at 8:00 ET. Be sure to take
this opportunity to chat with and have your questions answered by a leading
intermediate-term trader. Click
here to take your trading to a new dimension.