Grinding Back Toward The Highs
S&Ps are grinding back toward the high of the day and the key areas for this market. S&P futures met with some offers at the 828.50-829 level, but the key will be getting above 830 and then 833.50 to 835. As we noted in the Morning Meeting, the area between 833.50 and 835 will be very important for the upside to have any chance.
Nasdaq futures have been the strength leader as we see consolidation on the highs of the day. However, Nasdaq remains unable to get above the key 866 area. We need to see a sustained trade above this area to get any more aggressive buying.
For more details on the Morning Meeting, please see: