Consolidation At Higher Levels
A very quiet trade in the pit in the late morning with consolidation above 870. Earlier, we put in a new high for the day at 874, just below our resistance area at 874.50 to 875.50.
As new noted in the Morning Meeting, the market has taken on a bullish tone as it spends time above 870. S&P futures are more than 100 handles off Thursday’s low.
Nasdaq futures are holding a very narrow range between 939 and 945. There is just not much to trade in this range. This market remains unable to generate fresh bids above 945. High of the day is 948 but we really need to see a 30 minute close above 952 to get momentum going again.