A Whole Lotta Nothin’

A very whippy trade in the S&Ps in the late morning, after failing at 1220 and drifting back to 1216. The bottom line is there is a whole lot of nothing going on in this market. The range for the day thus far is less than the range we saw in the final hour yesterday.

We have S&P support at 1214.50 and then 1216.50, above that is key resistance around 1225.

NASDAQ trading at 1686, in the neutral area of 1680 to 1690. The market is very quiet at mid-day. Earlier, this market was unable to find buyers above 1700 and failed at resistance up to 1705. For the bulls to have any hope, this market needs to stay above 1690. Otherwise, expect a choppy trade in the neutral zone.