Retest
S&Ps are trying to retest the resistance area between 1119 and 1121, with locals pressing the short side of this market. Very thin at mid-day, although we would hope to see volatility pick up in the afternoon.
As we said in the Morning Meeting, above 1121, we expect a choppy trade above 1125.50 to 1127.80.
Nasdaq consolidated between 1385-1380. Only a trade above 1390 or below 1370 would spark some momentum.
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