Looking for Clues
S&Ps are chopping in the 1090-1093 area on light action in the late morning. Above 1094, we are looking for resistance to come in between 1097 and 1100. How the market acts there should provide a clue to the trade moving forward.
As we said in the Morning Meeting, the trade got a boost from a better-than-expected Retail Sales report. What remains to be seen is if the shorts will now throw in the towel.
Earlier, S&Ps had traded to new session low at 1086.20, and then made a move back to 1088-1090 where it was contained.
The Nasdaq futures pit is also very quiet,
with the trade chopping between 1290 and 1300. Above 1302, we are looking for 1307 to trade.
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