Choppy…And Lower
S&Ps trading well off the highs at mid-day after a fairly choppy trade. In the late morning, S&Ps traded down to 1145.50. Earlier, S&PS ran stops above 1160 to make a new high at 1161.50, then slipped back into the mid-1150’s.
With no significant buyers to defend the higher levels, the market declined yet again.
NASDAQ trading at 1642, well below its high for the day of 1697 and after failing to challenge our resistance area at 1695 to 1705.
The NASDAQ has been the strongest market of the three major equity indexes. We’ll see what materializes this afternoon.
Expect a thin and choppy trade at mid-day.