Slowing Down
With S&P futures trading above 880, we would expect a quiet and slow mid-day trade. However, if S&Ps dip below 879, that could trigger some profit-taking.
On the downside, below 879, the targets would be 876-875. On the upside, if we get over 882.50, the target would be 883.50-884, then 885-886, and later 888-888.50. As we stated in the Morning Meeting, we have a cluster of resistance from 885 all the way through 891.
With Nasdaq trading around 1065, we see 1063.50 as a key level. Above that, we should try for 1071 and then 1073-1074. On the downside, below 1063.50, look for 1060.50-1060, then 1058.