Light Pressure
S&Ps were under light pressure in the late morning in a light-volume trade with little volatility. S&Ps were at 1231.10, after putting in a new session low at 1229.80, which is just above crucial support at 1229-1226.
Earlier, we saw a move to new highs at 1240, right in our neutral zone of 1239 to 1241. But there was little push to take this market higher. With the two-day Fed meeting to get under way tomorrow, there is little conviction in this market to do much of anything, and many players are on the sidelines.
NASDAQ is also trading lower at 1751, just above our support level at 1750. The market had drifted to 1748 earlier and then bounced quickly to 1756. Above this is a resistance zone at 1770-1775, which the market has been unable to take out today.
Otherwise, a whole lot of nothing going on in the trading pit, which is thinly populated with mostly smaller local players.