Above 1100
S&Ps trade above the 1100 level on a positive Philly Fed index reading. Earlier, locals and brokers pressed the downside after the market failed to break above 1098.
As we said in our Morning Meeting commentary, our first major target on the upside is 1100, and then the next day’s high at 1101.50.
Nasdaq futures traded back to the 1400-area on the Philly Fed reading. As we said in the Morning Meeting, the critical resistance area of 1410 up to 1418.
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