Off The Highs
The September S&P futures contract (SPU) was trading at 1280.50 in the late morning, off the highs at 1286.50. SPU has basically been in a range between 1280.50 and 1278.50 for more than a half-hour. Very little interest on either side of the trade here.
Most importantly, SPU has held above the 1277 support area with a low of the day at 1276.50. On the upside, we have a critical area at 1285. We see a very choppy trade if the market attempts to make a run toward this level.
NASDAQ September contract (NDU) is trading at 1956, off the highs of 1972. We’ve been in a range of basically 1955 to 1945 for the past half hour. Volatility is quieting down in the pit. We expect a choppy trade through the lunch hour.
We have support around this level at 1950-1940.