Consolidation Mode

S&Ps are trading at 1181, right in our neutral zone that extends from 1179 to 1181, as the market appears to be in consolidation mode. A very tight range and a choppy market today.

If the upside holds, look for 1183 and then 1186.50 to pose resistance. On the downside, the big support target is 1174.

A quiet trade meanwhile in NASDAQ, which is at 1618, on the edge of a support zone from 1618 to 1614. We do not expect much activity through the mid-day lunch period.

On the upside from here, we have resistance up to 1630. Overall, a choppy trade with little volatility.