Moving Sideways
S&Ps will probably see more “sideways” actions before making a signficant move. The risk is to the downside, however, as long as they are below 869.
Targets on the downside are at 866, then 864.50 and then 863. On the upside, if they get above 870, they should continue to bounce up to 873-874, and later the pivotal area outlined in the Morning Meeting at 875.50.
Nasdaq futures, meanwhile, must show staying power above 1029 for the upside to continue, with targets at 1033, then 1035 and 1036.50-1037. On the downside, if Nasdaq has trouble staying over 1027, it should test and probably break the low area at 1025-1024.50.