Retracing
S&Ps are trading at 1222 in the late morning after retracing the entire range for the day. The market is just above the low at 1220.5.
It will be critical to see if this support area holds up today. Throughout the morning session, the market has not been able to make much progress on the upside. Locals had tried unsuccessfully to press the long-side of the trade.
NASDAQ has been unable to sustain trading over 1730, and has drifted back to the 1710 area, right in our support zone of 1710 to 1705. On the downside, the next key level would be 1685.