Positive On The Day
Strong buying in the Dow, which has benefited from weakness in the techs, is helping the S&Ps, which are now positive on the day. As we stated in the Morning Meeting, however, S&Ps need to get above 1037.50 to reverse today’s downtrend.
Earlier, S&Ps experienced buying that started at 1031.50. Above 1035-1037.50, the target becomes the 1042.50-1045 area.
Nasdaq futures printed a new high at 1140, but have not seen much follow-through buying. We have resistance from 1140 to 1145, which was th low area before the ORCL news yesterday.
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