Taking Out Resistance
S&Ps are trading at 933, off the high of 935.90, after taking out resistance at 931.50. As we laid out in the Morning meeting, we have a major upside objective at 937.50, and then another at 940.
On the downside, we have support at an old resistance area at 926.50 and below that we have critical support at 917.50.
Nasdaq is trading at 996, after putting in a session high at 1004. Keep an eye on the Semiconductor Index (SOX), where strength has been a bullish sign for the broader market.
For details on the Morning Meeting, please see … SOX, now up over 7 points on the session.