Keep An Eye On The SOX
After a higher opening, S&P futures have traded lower throughout much of the morning. At the moment, S&Ps are in a narrow range after failing to reach a pivotal support area, as outlined in the Morning Meeting, at 891.60. We have resistance at 896.80, 897.30 and 899.20. We would need to build volume above these areas for a reverse back to the upside.
Nasdaq also failed to reach its pivotal area at 1010. On the upside, we have resistance at 1026. As usual, keep an eye on the Semiconductors (SOX).