NAPM Boost
A strong reaction to the NAPM report this morning, sending equities higher.
S&Ps set a high of 1151.50 for the session thus far and are currently trading just under 1150. We have resistance between 1148.50 to 1151.50. Next resistance above 1155.
Below this level, we had critical resistance — now support — at 1145. When the market shot through that level this morning, the upside had the greenlight.
Nasdaq futures trading around 1484 after bouncing off the 1465 level. As always, keep an eye on the Semiconductors
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SOX |
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PowerRating) as a proxy to what’s likely to happen in the Nasdaq today.
Nasdaq has resistance around 1490-1505. This market may chop around through lunchtime. Look for volatility to pick up later in the day.