Off the Highs
S&Ps are trading lower at 1128.50, some 9.00 off the session highs. We moved under 1130 after sell stops were triggered. We’re now below the critical support of 1131-1129.50. We need to get back above this area to keep the uptrend intact.
Earlier, we had a very thin trade in the mid-1130s. Expect more resistance if we get back to this area.
Nasdaq also trading off the highs after the buyers backed off. Locals were on both sides of the trade in the 1570s. On the upside, we have scale-up resistance through the 1580s.