Grinding
S&Ps put in recovery highs at 1072.50 as this market grinds higher. The opening range was 1071.20-1072, meaning we have now traded back through it. If we sustained a trade above this area, the door may open for an afternoon reversal.
As we stated in the Morning Meeting, the first key for the upside will be whether or not we can trade above the 1079.50-1081 zone.
Nasdaq has matched its 1235 recovery high, although there still is some downside potential left in this market unless we can sustain trading above 1238.
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