More Choppy Seas
S&Ps managed to put in higher highs, but with an absence of buyers, retreated back into a choppy market roughly within yesterday’s range.
Currently, S&P futures are at 1195, off the low of 1192. This is very much a summertime market, dominated by local traders and very choppy, slow action. Overall, we see a choppy trade for S&Ps between 1193 and 1189.
Nasdaq futures are trading at 1657, off the low at 1649. We’ve seen a very choppy trade between 1650 and 1660, which we expect to continue as major traders have already left the pit for the day.
Keep an eye on the SOX as it has been a good indicator of this market. If we trade through today’s low, look for 1640.