Catching The Bid
S&P futures traded to a new high on the day at 980.50. We expect to see choppiness at these levels. President Bush’s address on corporate responsibility seemed to add to the bullish tone of this market.
As we stated in the Morning Meeting, if the market can sustain a trade above 980, the upside looks better.
Nasdaq put in a new high at 1028. We see the market looking to consolidate between 1020 and 1025. A sustained trade in this area would be bullish moving forward and target a possible move to 1038.