Gaining Ground
S&Ps traded up to new session highs of 1212 in the late morning, but selling presure pushed this market below 1210 again.
The next major target is for this market to get above, and stay above, 1212.50. As long as S&Ps trade over 1206 the bias is bullish.
Nasdaq is in a very tight range for the day at 1697 to 1669. While we may see an extension of this range, it’s unclear just which direction it will move in.
Resistance on the upside is at 1695 to 1705. Above 1705, the target is 1720. On the downside, we have support around the 1670 level.
Keep in mind that this is a summer Friday, so activity could decline as the day progresses. Be especially watchful of a grind through the lunch time.