Failed Rally
S&Ps are trading at 1176, just off the lows at 1172, after failed attempts to rally this morning.
Volatilty is subsiding in the mid-day, and the grind-type trade is what we’re likely to see until the early afternoon.
The next targets on the downside, below the session low, are 1170 and a leftover gap that goes down to 1164.
On the upside, the market made a run toward 1193, but could not take out that level. This market would have to get above 1197 for the bias to improve for the upside.
Sellers have been in control of the NASDAQ, which is trading at 1627, off the lows of 1612. On the downside, the session lows are in a support zone between 1615 and 1605. Earlier, this market made it above the 1650-target area, but a choppy trade ensued. Resistance resides between 1650 and 1660.