Neutral Zone
S&P futures at 1249 this morning, stalled in the neutral zone between 1242 and 1257, which is the high of the day thus far.
Earlier, S&Ps bounced off the low and back to the 1250 area before failing. That put 1246 and 1242 on the radar screen on the downside targets.
Again, if we get above 1257, we’ll build momentum on the upside toward 1265. Below 1242, we’ll be favoring the downside toward 1235.
NASDAQ has been the strongest of the three major index today, just missing the 2000 target. Earlier, NASDAQ held its low for the day by two points, and then bounced back toward the 1950 resistance area.
Keep in mind that even if we give back a small percent today, it would mean very little in light of the massive gains this week.