New Highs
New highs in the S&Ps as we see some light dealer bids take this market above 845. We are now looking for a grind-oriented trade higher. The trade above 845 came after several previous failures at the 843-845 level.
As we stated in the morning meeting, we have resistance above this level at 849 up to 852.50.
Nasdaq futures are trading above 870, but questions remain about sustaining a trade at higher levels. Nasdaq cash is at unchanged and did not spend much time this mornign in positive territory. On the downside, if we fail to sustain a trade above 870, we have support in the futures between 858 and 857.