Quiet Highs
S&Ps put in a new session high at 1155 in a quiet market. Importantly, the market held the bid above the previous session high and the opening range between 1153.50 and 1154.50. The next target on the upside would be yesterday’s highs.
As we stated in the Morning Meeting, there is a transition zone from 1155.20 to 1157.50. Above that, there would be a chance for a move to 1163.
Nasdaq is trading at 1492 after putting in a session high earlier at unchanged at 1494. We’ve seen buyers above 1485. On the upside, we have resistance from 1498 up to 1503.
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