Chopping Around
S&Ps are chopping around in the pivotal area between 1116.50 to 1114.50. As we said in today’s Morning
Meeting, we have an objective at 1115, above which, the target would be 1118.50, and then a major objective at 1120-1122.50. The high for the day thus far is 1121.50.
Nasdaq is finding a trading range between 1485 and 1477. The Semiconductor Index
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PowerRating) has recovered off its lows, but the market is having difficulty finding interest in the long side. The upside target would be 1490. As we said in the Morning Meeting, Nasdaq has a neutral zone between 1468 and 1475, above which, we would anticipate a move to 1485.
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