Sellers Step In
S&Ps fell out of its recent trading range back to the key 1150 area on some strong late-morning selling. We view the level at 1148.80 as critical in the S&P CASH. As we said in the Morning Meeting, that equates to unchanged on the year. The buyers will have to step in and defend this area.
Earlier, S&Ps failed on repeated attempts to get back above 1155.
Nasdaq futures are trading at 1458 in a quiet trade. While it has traded below the 1460 level, it has not gone very far. On the upside we view 1464-1468 as key resistance, and above this we have Tuesday’s high at 1470.
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