Grind, Grind
The mid-day grind is upon us with S&Ps at 1253.
In the late morning, S&Ps made it back to the critical area at 1255-1254, but did not make any significant headway from there.
Early in the trading session, new lows were put in at 1248, but notable buying from the institutions helped to push it through the 1249.50 area and into the 1250s. If we return to these lower levels, the downside target is 1245.
NASDAQ is trading at 1810 after putting in a low at 1786. On the upside, the next area is 1820-1825. On the downside, below today’s lows, the target remains 1750.
Overall, this has been a slow grind off the lows. Very little excitement in this mid-day trade.