On the Highs
S&Ps are on the high of the day at 1220.50 with all eyes focused on 1222.30 as the next upside target, which would fill a gap.
Earlier, local traders pushed the market back to the 1214 area, but the market then staged a move upward as the NASDAQ also rallied. Underneath 1214, we have support around 1209-1210.
NASDAQ made it above yesterday’s high of 1773 and targeted the 1783-area. We’re slogging through resistance that extends from 1770 up to 1795.
The Semiconductors (SOX) have led the move upward. Keep an eye on this index for hints about the afternoon trade.
Earlier, NASDAQ gained ground in positive territory as it traded to 1762 and then into the 1770s. On the downside there is considerable support at 1755 to 1725.