End Of The Quarter
S&P futures are at 1164.50 this morning, after posting a high in the mid-morning at 1172.
The market has taken out our resistance zone at 1168 to 1171.50 — but not by very much. We think it likely that we could see more trading around this level.
Much of the buying, it seems, is due to the end of the quarter. Buying activity was notable from a number of houses. Keep in mind that the session before the end of the quarter usually produces unusual moves — that appears to be the case today.
NASDAQ, meanwhile, is at 1618, with a high of 1646. A slow, grinding session thus far. Trading overall has been light and without much conviction.
The high thus far was just shy of our 1650 target. Strong action seen in the run from 1600 to 1630. We expect that 1630 to 1650 will be a significant area to watch today, as it was yesterday.