In Neutral
S&Ps are trading at 882 in what we consider to be a neutral zone. We would need to get above 888.50 at a minimum, and 893 would improve things, for the upside to take hold.
The Nasdaq and the Semiconductor Index (SOX) continue to perform well. Nasdaq futures are trading at 920.
S&Ps are trading at 882, still in the midst of our neutral zone. The Nasdaq and the SOX, however, continue to perform well. We have resistance up to 926.
As we stated in the Morning Meeting, we have seen a “flight to quality” in favor of bonds at the expense of equities.