Consolidation Trade
A consolidation trade as the lunchtime rangebound conditions continue. S&Ps have held between 1132.50 and 1129. We do not expect to see a volatile move until possibly this afternoon.
As we said the Morning Meeting, yesterday saw the narrowest range for S&P futures of the year, and a consolidation trade is likely until Friday’s Employment Report.
Nasdaq futuers spent some time above 1400, but remained below yesterday’s low. Only a trade back above 1420 would take the short-term pressure off.
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