Pressing The Short Side

Major selling on the the floor in S&P futures pressured this market through the 1210 level to trade around 1207.50. Above 1210, we have key resistance at 1215.50-1216.50. Earlier, the market failed around 1218 and then broke down to 1204 support area before working its way higher again.

Right now, we’re in a trading range with a sideways pattern, although local traders this morning have been pressing the short side.

NASDAQ has been trying to find support around around 1685-1677. Below this, we have a target at 1660. On the upside, we have resistance around 1700.