Follow-Through Buying
S&Ps put in a new high on the day at 968.50 on some follow-through buying since the open. S&Ps continues to grind higher as buyers try to brush off the WCOM news.
S&Ps are approaching some key resistance areas. As we noted in the Morning Meeting, 971 was the previous low for 2002 made on Monday. Then we have unchanged and yesterday’s low between 974-974.5.
Buying continues in the Nasdaq which targeted unchanged on the day at 1027. The market put in a previous new high at 1025 on solid scale-up buying. We have resistance between 1027-1029 then our target from the Morning Meeting at 1035.
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