Quiet Trade At Mid-Day
S&P future are trading at 905.30 at mid-day, still stuck in a trading range between 902 and 907. We would expect S&Ps to break out of the range shortly after lunch. With Nasdaq being a little more active, we would expect it to exert more of an influence over the S&Ps.
On the upside, as stated in the Morning Meeting, the targets are at 907, 908.50 and 910-911. On the downside, we would not expect much activity below 902.
Nasdaq is trading at 1049, and staying largely in a range between 1040 and 1050.