Major Area Of Resistance At 866.50
S&Ps have established a neutral zone from 856 to 862.50. S&Ps will have to show some sustained trading above or below this range to get anything going in either direction.
On the downside, we have support at 853.50 and below this, as stated in the Morning Meeting, important support levels between 850 and 848. On the upside, above 863 we have a pivot area at 864.10, and then a major area of resistance at 866.50.
Nasdaq has a neutral zone from 994 to 985. On the upside, above 994 it should try for the cluster at the high at 998-999, then another cluster at 1001.50-1003. On the downside, the longer they stay under 989 the more likely it will test 985.