Big News, Little Volatility
S&P futures are trading at 1118 as activity continues to slow down in the pit despite IBM’s earnings warnings news. This is a fairly disappointing session after the IBM
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PowerRating) news, which should have produced more volatility.
On the downside, we view the 1115.50 to 1114 zone as a neutral/pivotal area. As we stated in the Morning Meeting, we have resistance areas at 1118.50 and 1120.50, and then last week’s lows at 1120.60 to 1121.20.
Nasdaq is trading at 1364 on buying in the Semiconductors
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$SOX.X |
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PowerRating). Above 1365, the target becomes the resistance area at 1370-1374. If the market can sustain a trade a higher levels, we woule expect a move to last week’s low of 1380.
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