Quietly Contained
S&Ps have spent a quiet morning and contained largely in the range of 1138 to 1135. The trade is completely locally dominated, and dealers have moved to the sidelines.
As we said in the Morning Meeting, we have a key support zone between 1142 and 1135. Any settlement below 1135 is bearish, and settling below 1125 would spark acceleration to the downside.
Nasdaq futures retested the highs at 1449, Thursday’s low and the bottom of a key resistance are between 1449 and 1451. Above this, the target is 1459.50-unchanged.
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