Grinding Off The Lows
S&Ps made a new session high at 1164 as the grind off the lows continues. The Dow has made a solid recovery of its lows. S&P futures are now in a transition zone, as outlined in the Morning Meeting, at 1164.50 to 1166.50. Above this, the target would be a gap-fill up to 1169.
Nasdaq futures, meanwhile, has also put in a new high for the day at 1533, at the top of the first resistance area from 1529 to 1532. Nasdaq futures will have to trade, and hold, above this area for the upside momentum to have a chance.
This morning was one of the tightest ranges that we’ve seen, trading largely between 1517 and 1530.
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