Holding Below The Highs
S&Ps are at 1178.50 in the late morning, holding just below the lows made recently at 1182.50. Our low thus far is 1161.
We saw a strong rally earlier, with notable institutional buying, which may very well be due to the end-of-the-quarter activity. The rally pushed the market through resistance at 1170 to 1175. Upside target remains at 1192 to 1200.
NASDAQ is trading at 1756, after making an intraday high of 1774. Earlier, the sellers had their way, pushing this market to a new low print of 1680. We’ve traded significantly higher since then, rallying into the resistance zone at 1780.
If NASDAQ can get above 1780, things will look good for the bulls.