Struggling
S&P futures traded at 1263.90 in the late morning after not making any headway above our neutral zone that spans between 1274.50 and 1279.50.
The market continues to struggle at this level, but the trading pit is very thin and participation is noticeably lacking.
If the downside continues, we’ll look for 1257. If we should ever make it over the neutral zone — and that appears to pose resistance on the upper end — we’d eventually look for 1286.
NASDAQ is at 1861 after a low was put in at 1851. Through the lunchtime trade, th Spread trade is the dominating action.
NASDAQ has a definite short bias. Keep an eye on the active stocks today include Cisco and JDSU, as well as the Semiconductor Index.