Propelled Higher
S&Ps put in a new session at 908.50 after hitting buy stops between 906.50 and 907.50, which propelled this market higher. Our next objectives on the upside are 909.50 and then 911.50, and above that 916.50.
As we stated in the Morning Meeting, however, the trade could slow down as the day wears on in expectation of a quiet Monday and the Fed meeting on Tuesday. The trading pit is quiet, and the move higher has been a slow grind.
Nasdaq had traded down to 922, missing our target by 1 point. We have key resistance on the upside at 947 to 950. Above 950, we’d expect the bulls to be in charge for the rest of the day.
For more information on the Morning Meeting, please see: