Back Off
S&Ps traded to a new session high of 1109.50, then quickly backed off to the 1107.50 area. This has been a very choppy market, dominated by local traders in the pit. We need a sustained trade above 1112.50 to have any chance for a large move to the upside this afternoon.
As we stated in the Morning Meeting, S&Ps would have to get above 1116 for the downside pressure that we’ve seen for the past two days to subside.
Nasdaq has been trading in a narrow range with an absence of sellers at the lows or fresh buyers at the highs. Earlier, the market came under pressure from selling in the semiconductors.
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