Keep An Eye On The Dow
S&Ps trading at 881 in the late morning as this market has come off the highs on profit-taking. Earlier, S&Ps traded to a new high at 888.50 on recovery in the Blue Chips as the Dow was the strength leader in the morning. Keep an eye on the Dow moving forward today.
On the upside, as we said in the Morning Meeting, we have resistance between 887 and 889, and above this a gap fill at 889.70.
Nasdaq is trading at 890 in the late morning after meeting with good resistance from 895 to 900. Both Nasdaq and S&Ps came under pressure earlier from disappointing economic news, then recovered on good buying. We’ll see what the afternoon session brings.