Consolidating
The market appears to be in a consolidation mode at the moment, making for a choppy day of trading.
S&Ps have see two failures at the 788.5 area. Local traders have been getting caught on both sides of the market as they continue to look for some kind of range extension. S&Ps have been in a tug of war between the Dow and the Nasdaq. Overall we see a difficult trade between 780 and 788.50.
As we stated in the Morning Meeting, the we have good support between 786.50 to 783, which is where the market consolidated before rallying yesterday.
Nasdaq futures traded back above the 820 level after holding support around 815. If we can stay above 819 through the lunchtime hours, we would expect a run toward 831 in the afternoon.