Dropping Back
S&Ps printed a high at 1126.70 and dropped back to the 1124 area on some weakness in the Dow. The 1123-1124 area has been a crucial support area for a move higher to 1127 and then up to 1129-1132.50.
Earlier, locals had been caught short around the 1118.50 to 1119.50 level and were forced to cover shorts above the 1120 level.
Nasdaq futures traded to a new high on the session to the 1539 target. If the marget gets above 1541, we may see some aggresive short covering.