Slowing Down
S&Ps are trading at 1124.90 in a trade that, as is typical these days, has slowed dramatically. We continue to expect scale-up resistance to 1127, the level at which acceleration to the downside started this morning.
Below 1124, we have a support at 1122. As we stated in the Morning Meeting, we would expect a choppy trade on the way down.
Nasdaq, meanwhile, is trading at 1396. We’ve seen a quiet trade in a range of roughly 1398 down to 1389. A little pick-up in activity in advance of the Philadelphia Fed survey coming out momentarily.
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