Slow Grind
S&Ps have been grinding slowly higher today, setting a session high of 1147 in the mid-morning. Currently, S&Ps are at 1142.
In the mid-morning, buyers prevailed, pushing this market above resistance at 1138-1142. The market has thus far failed to break through the next resistance zone at 1148-1153.
We’re not expecting any dramatic moves at this point, especially at mid-day. The question remains, of course, if this will be yet another Friday in which we end lower.
NASDAQ meanwhile has been trading mostly sideways to down since an early run to set a high at 1777 shortly after the open. Now, we’re at 1731.
The good news for NDM thus far has been its ability to hold above its low for the day at 1722.
We’re taking a breather at mid-day, waiting to see what the market will dish up for the afternoon session.