Grinding Off the Lows
S&Ps at 1148.80 as the market slowly grinds higher. However, we are still down on the day. Earlier the market consolidated between 1144.50 and 1146.50.
If the upward grind continues, remember that 1153 to 1158 was a heavily traded area yesterday.
Nasdaq, meanwhile, is over the 1600-market with a solid move off the lows. Once again, the Semiconductor Index (SOX) led the way.
If we can sustain a trade above 1595, the upside looks good. Below this level, however, we’d expect a move downward. On the downside, the key level is 1580.