Off The Highs
S&Ps are trading at 1136.50 after a new high was made in the late morning at 1138.50. This was just shy of the gap filled at 1139.30.
Rollover continues to impact this trade, and we do not see this subsiding through the lunch hour. Therefore, trade with caution.
Earlier, we saw a solid move from 1133 to the 1134.50 level, with small buy-stops triggered above 1135.
Nasdaq is trading at 1646 after spending much time this morning between 1644 and 1646. A very quiet trade at mid-day.
Earlier we put in a new high by 1 tick at 1652 before trading back to the 1645 level. We see 1647 to 1640 as a key zone. Below 1640, we’d look for selling toward the 1633 level.