New Session High
Continued buying and short-covering pushed S&P futures up to a new session high at 1125.50. Earlier, we traded back to the 1121.50-1121 area, where we found support before making this latest move higher.
As we stated in our Morning Meeting comment, we had upside resistance between 1122.20 and 1123.50, and above 1123.50 we would look for an choppy, upside probe of 1130.
Nasdaq futures continue to chop between 1500 and 1510 in a quiet, mid-day session. The longer this market stays above 1502, however, the better the chances for an afternoon rally.
As we said in our Morning Meeting comment, we have a critical zone between 1490 and 1502, and above 1502 the target for the upside becomes 1517.
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