Critical Zone
S&Ps continue to trade around the critical support zone at 1270-1275.
Earlier, the market tested this area but did not break through 1270. If it fails here, particularly on an hourly close, the market could get ugly and selling pressure would likely escalate.
S&Ps got an early boost from Consumer Confidence, which came in at the top end of expectations. But the market has been unable to trade at/or above the upside objective of 1285.
NASDAQ holding above 1900 after bouncing off the lows at 1895. Locals were short on the bottom, but covered quickly, which helped to reverse the down move.
Overall, there has been very little dealer activity in the market.