Failure At The Highs
S&Ps are trading at 956.50 after yet another failure in the 960s. On the bullish side, this market is holding key support in the mid-950s.
As we stated in the Morning Meeting, the ultimate upside target would be 985. Meanwhile, keep an eye on the Semiconductor Index (SOX) and the Nasdaq.
Nasdaq is trading at 1042, and must sustain a trade above 1040 in order to keep the upside for this index. Earlier, Nasdaq met with resistance at 1054, and would have to sustain a trade above that level in order to reach upside targets at 1066 and 1070.