Rollover Contraction
The most notable feature in today’s trade thus far was the contraction in volatility, which given the fact that it’s rollover is not unexpected.
In the late morning, S&PS are at 1262.50. The market has been trying to move through a short-term resistance band around 1263.
NASDAQ was trading around 1840, grinding higher off the session lows at 1820. Resistance at 1840-1846 and 1851-1855.
With participation relatively light in the pit, don’t look for any major, sustained moves.