Grinding Along
Some good activity early in the session, and then the slow grind took over. Currently, S&Ps are at 1263 after rallying some 4.00 points since the new session lows at 1256.20. The market moved lower with notable daytrading shorts in the market.
Overall, S&Ps have been spending much time in a wide transitional zone between 1266.30 and 1270.50. As we said this morning, this market needs to get over 1270.50 and sustain trading there to build upside momentum.
NASDAQ trading at 1926 this morning, with a comparatively tight range. We still see resistance at 1950-1955, above the session highs thus far. The big quest remains 2000, but thus far, we’re out of striking distance.
In the late morning, NASDAQ is settling into the range we saw yesterday afternoon. Very little impetus right now to push us one way or the other.