Looking for Buyers
S&Ps are trading at 1076 after making headway above the key 1075.50 level.
Above this level, we would expect buyers to step up. Earlier, we saw some sustained buying above the 1073.50 level, which may bode well for a run to the 1080 area later on.
On the downside, if we get below 1070.50, we would anticipate that the selling will accelerate.
Nasdaq is trading at 1405, with the upside now looking a little more promising. If we get above 1408, we expect a run to 1420. On the downside, we have key support around 1388.
As usual, keep an eye on the Semiconductor Index $SOX.X|$SOX.X] and the major Nasdaq stocks for a clue as to future direction.