Here’s The Major Support Area
With S&P futures trading around 927, we expect a rangebound trade for the mid-day. To keep the upside alive, we’ll have to stay above 926 with targets on the upside at the cluster between 929.50 and 931. If S&Ps go below 925, we’ll probably pull back to around 922, 921.50 and then the major support area – as outlined in the Morning Meeting – around 920.
Nasdaq is trading around 1094. Although its trends and momentum are also flat right now, Nasdaq will lose its slight upward bias if it trades under 1090. For the upside to gain steam, it will have to trade above 1097. The upside target would then be 1101 and 1103.