Staying Power
S&Ps will have to show staying power over 836 to encourage the buyers and avoid another pullback. If that occurs, the key levels for the upside should be 838 and then the pivotal area from our Morning Meeting at 840-841.
On the downside, if S&Ps go below 835, look for the pullback to start with a test of 833.70-833, and possibly the lows at 832.50-832.
Nasdaq futures, meanwhile, have been holding up better than S&Ps. As long as Nasdaq remains above 977, the uptrend has a chance. However, this market will have to show staying power over 986. On the downside, below 975 the targets are 973, 970 and then 968-967.50.