Looking for the Retest
S&Ps are trading at 1137.50 in a market that has been looking to retest the 1139.50 high. But volume has been lighter at higher levels, and interest in the trade is dwindling as the lunchtime lull settles over the market.
Earlier, this market rallied from 1135 to 1138 on some perceived bullish comments from Greenspan. On the downside, look to support in the opening range.
Nasdaq is trading at 1582 in a quiet trade that lacks momentum. We would need a trade above 1595 to generate upside enthusiasm. In the range of 1580 down to 1568, we would look for more choppiness.