Holding On…
S&Ps are at 1205 after locals pushed the market above the support zone around 1202.
A very slow trade at mid-day, with the pit only about one-quarter full. Don’t look for any dramatic moves until after the lunchtime session.
Overall, we expect the NASDAQ to determine the direction of the market this afternoon. Earlier, the S&Ps struggled to get above 1209 and could not maintain above this critical resistance area. The uptrend remains valid above 1202.
NASDAQ, meanwhile, is at 1726, continuing to trade in a 10-handle range between 1730 and 1720. The market needs to get back above 1735 for the upside to regain strength. On the downside, it must say above 1720 to keep from retesting the low at 1711.