Building A Base?
While S&Ps have had trouble getting over 845, if they don’t go below 840.50 then all may not be lost for the upside. What may develop is enough of a base to get this market moving in the early afternoon.
As mentioned in the Morning Meeting, on a technical basis the market appears to want to break out to the upside. However, there is still resistance moving forward.
On the upside, above 845 they targets are 847-847.50, and later 849. On the downside, below 840.50, they should test and most likely break 840-839.50 and go for 837-836.
As for the Nasdaq, we’d need sustained trading above 1007 to improve the upside. The outlook turns negative, however, with sustained trading below 1004.