Retesting…
S&Ps are retesting the lows in the late morning, trading at 1233.50, just off the lows made earlier at 1232.50.
The trade has been dominated by locals in the pit, with very little action by the brokers. Earlier, we saw a slow grind to the 1241 level, but volatilty has evaporated from this market.
A decline in the drug stocks and the ability for the NASDAQ to trade above 1800 will be the main factors in determining whether the S&Ps will make it back to the high 1230s.
NASDAQ is trading at 1765. On the downside, we have support around 1750. On the upside, the 1800 level is a main target. But this market is dead quiet at mid-day and next to nothing of any interest is happening.