Reversal???
S&P futures put a new high on the day at 1025.70 in the late morning. Buying in
(
GE |
Quote |
Chart |
News |
PowerRating), which took out its post-Sept. 11 low this morning, has helped this market. On the upside, we have resistance at 1026.50, which was yesterday’s low, and then all eyes will be on a gap fill at 1029.50.
As we stated in the Morning Meeting, while the market traded significantly lower in the Globex session on the Intel news, there is the potential for a reversal.
Nasdaq is trading at 1131, with solid resistance up ahead at 1138-1140. Buying in the semiconductor issues has helped this market, but the pit is quiet at mid-day. We’ll need to see a trade at higher levels for the potential of a gap fill this afternoon.
Click
here for your free seven-day trial to Lewis Borsellino’s E-mini Trade Service.