Nap Time
Looking at the action in this market, it might be time for a siesta. Absolutely dead quiet in the S&P pit with this market trading at 1289.40. Earlier, there was some notable selling above 1288.
In the first hour, we saw a nice bounce off the 1290 and then notable buying that took us again up to the 1295.50 level. However, there is resistance up to the 1296-level.
The Semiconductor Index (SOX) provided strength to the NASDAQ earlier. Currently, we’re trading at 1925, roughly mid-way on the day range thus far of 1948 high and 1903 low.