A Small Bounce
S&Ps are trading at 1115.30 following a bounce to Tuesday’s low of 1117.50 on some tech buying. On the upside, the entire area between 1117.50 and 1120.50 is scale-up resistance, and S&Ps should have a difficult time trading through this area.
On the downside, below the recent low of 1113.20, we have the weekly low of 1111. As we stated in the Morning Meeting, we would not anticipate large-scale selling unless the market were to get below 1109.
Nasdaq failed to sustain a trade above 1350 and remains contained in a neutral area between 1350 and 1340. The trade is very quiet and many of the larger players are on the sidelines.
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