Follow-Through
S&P and Nasdaq futures are trading higher at mid-day on Monday, following last week’s solid rally.
S&Ps put in a new high for the day at 892, above last week’s high of 888.5 as the buying in the Financials and DJIA continues. We have resistance at 894-895 on our way to a test of the 900 level. As we said in the Morning Meeting, the 890-level would be critical resistance for the morning, and only a sustained trade above this area would keep the rally going today.
Nasdaq futures also traded to a new high on the day at 964, just below our next resistance area between 965-967 but above last week’s high of 962 and back into positive territory on the day/week. If we get a 30 minute close above 967, we are looking for a move to 979.