Early Strength And Then The Rumors…
Strength in the Dow and a strong Consumer Sentiment report helped to propel S&P futures higher this morning, with sustained trading above 1167 in the mid-morning. However, rumors of a possible exposion in Yemen (not confirmed) caused a quick drop to 1164 at mid-day.
As we outlined in the Morning Meeting, we have key resistance at 1169-1171. Also, this is expiration, which will affect the trade today.
The rumors also pressured Nasdaq futures. The market had challenged resistance areas above 1500 earlier. But the market seems to be consolidation mode. We would need to hold above 1503 to generate more aggressive buying.
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