In The Middle
S&P and NASDAQ futures are in the middle of their ranges at mid-day in a very thin and quiet market.
S&Ps currently bid at 1250, in the middle of a range from 1253.50 to 1244.50. It’s a very quiet, local-dominated market. This raises a red flag of caution for traders who are active in this kind of market.
Earlier, we saw a new low by 0.50 at 1244.50, and then a quick bounce. But again, this is a local-dominated market.
NASDAQ at 1815, right in the middle of its range between 1835 and 1795. A very quiet market. Earlier, we bounced off the low and traded back above 1800. But very little is going on in the trading pit. We’re seeing a thin and choppy trade overall.
However, we should note that the NASDAQ appears to have good support under 1800.