Offers At The High
S&Ps put in a new high at 1102.60, but offers seen from brokers at that level. Earlier, we successfully retested the previous high of the day
— then 1101.80 — with some notable broker buying. Keep in mind that 1101.90 is last week’s high and we have an open gap to 1104.80.
As we said in the Morning Meeting, we expected a choppy, grind-higher trade toward 1102, with resistance between 1101 and 1105.
Nasdaq also put in a new high at 1390, extending its daily range. This is also at the top of a large neutral/resistance area between 1373 and 1391. As we stated in the Morning Meeting, if the decline in the market is behind us, we would anticipate settlement above 1400. If we get above 1400, our target is 1415.
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