Stuck In Neutral
S&Ps are trading at 1109 within a large neutral area between 1112.50 and 1106. The market has spent very little time above 1111. As we stated in the Morning Meeting, the market needs a 30-minute close above 1116 before being able to reverse and regain ground from yesterday’s trade.
Nasdaq continues to trade in a tight range between 1349 and 1356. There is very little happening in the pit at the moment. We need a breakout to get any kind of momentum in today’s trade.
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