Consolidation Trade Continues
The consolidation trade in S&P futures continues in the pit between 1129.20 and 1125. Attention has switched to tomorrow’s Employment Report, which means it’s not likely that we’ll see much action for the rest of the day.
While we could see a little more activity this afternoon, a volatile move is not expected — barring a news event or unforeseen circumstances. As we said in the Morning Meeting, this market would have to get above 1132.50 and then not trade below 1130.50 for a reversal to the upside.
Nasdaq futures, meanwhile, have consolidated in the morning neutral area between 1401 and 1394. The market needs to sustain a trade above 1410 or below 1394 to gain any momentum.
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