Key Areas
S&Ps traded back above 890 on some steady buying at mid-morning, but failed at our key area between 895 and 896. However, only a trade back below 887.50 will get the downside momentum going again. On the upside, a sustained trade above 895 would open the door for 903.
As we said in the Morning Meeting, the market would need a sustained trade above 895-896 to open the door for a retest through 900.
Nasdaq printed a high for the day at 999.50, right at our resistance area of 999 to 1002. However, the market lacked the buying momentum to get through the key area. The market is consolidating around 988 to 990.