Philly Fed
S&P futures are on the high of the day after the release of a better than expected Philly Fed release. The market now needs to prove that it can sustain a trade at higher levels to get us in on the long side.
We continue to caution about buying these rallies, but a sustained trade above 858 will change our opinion, as noted in our Morning Meeting. Earlier, S&Ps have traded in the 853.50 – 851.7 area for most of the morning.
Nasdaq has created a consolidation zone between 880 and 890.