Rollover Begins
Today, rollover begins as June becomes the front month in futures. For “SPM” the late morning trade saw local traders trying to push the market below 1160. But they covered quickly when no fresh offers entered the market. A choppy, rangebound trade over lunchtime is expected.
As we stated in the Morning Meeting, the downside targets would be unchanged at 1165, with a technical band from 1165.50 to 1164.50, and then a target at 1160.
Nasdaq tested the recent low of 1522 on weakness in Intel
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PowerRating). We have support in the Nasdaq June contract (NDM) from 1515 to 1513, with a target below this at 1500.
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