Stop…Start
S&Ps are trading at 1208.30, after getting as high as 1213 after buy stops were triggered above 1211.50. But trading at these higher levels could not be sustained in the morning session.
The market has sold off since then, falling below support at 1209. At mid-day the trade is very much dominated by the Local traders. We do not expect any activity of merit until later in the afternoon.
Some pressure in the Dow also is having a downside impact on the market today. Keep an eye on that market today.
NASDAQ trading at 1705, after failing earlier in the day just below the 1725 target. Expect a grind trade through the mid-day session. If we do make another run toward the highs, we have resistance that runs from 1719 to 1728. The market has a neutral zone all the way down to 1660.
Overall, it might be a wise move to keep your attention on the market, but your money on the sidelines, until the last 90 minutes or so today.