Hitting Resistance
S&Ps are trading at 1168 as the market sells off after an attempt to get through the 1172-74 resistance area. Right now, it’s a choppy trade – just as we’ve seen most of the day. We’d expect this range to hold until later this afternoon.
On the downside, we have support all the way down to 1159, with a key support area at 1164 to 1161.
The market is considerably quiet as we await tomorrow’s Employment Report.
Nasdaq is trading at 1721, after trading off the 1735 area. Keep an eye on the SOX, which went into negative territory. Overall, a very quiet trade, though, with not much happening.