Slipping
S&Ps trading around 921 after a brief improvement to the upside failed to generate much follow-through. If we can get the upside going again, the target woudl be 926.50. Above that,the target would be the 928.50-929-930 area outlined in the Morning Meeting.
However, if S&Ps slip further and trade below 920, we would look for a retest of the lows at 917 and below that 915.
Nasdaq is trading lower at mid-day. Downside targets are 1104 and below that 1103, and then 1100. For the upside to resume, Nadsaq would have to get above 1112. Upside targets would be 1116.50-1117 and then 1120.