Contained
S&Ps are in a contained trade at mid-day, with Nasdaq over-performing and the Dow under-performing. S&Ps has been very choppy witin a 10-handle range on the session. Before the close we would expect some range extension. But it remains to be seen if Dow will follow the Nasdaq higher, or if the Nasdaq rally will falter.
For the S&P trade today, as noted in the Morning Meeting, we see the entire area between 843 and 841 as critical support.
Nasdaq futures, meanwhile, have been by far the strongest market today. While we have drifted off the highs, we’re still well in positive territory. As long as Nasdaq sustains a trade above 882 to 880, it remains in a bullish uptrend. Earlier, however, Nasdaq was not able to sustain a trade above our resistance area between 895 and 894.