Teetering…
S&Ps are at 1183.20, at the edge of a transitional, neutral zone.
Below 1183, S&Ps would be in danger of a mid-day selloff. Meanwhile, we have solid support between 1181 to 1177. It appears that only if this is exceeded will we be in danger of taking out yesterday’s lows.
Thus far today we have a low of 1182 with a high of 1194, making for a very tight range, which was not unexpected for today.
Again, the key will be the ability to hold above 1183. Things look better for the upside above 1186.
Overall, it’s been a very Local-dominated session in the pit. Remember…it’s option-expiration week.
NASDAQ trading at 1794. Low of the day thus far at 1788 and a high of 1841. A quiet erosion in the session with weakness in the second tier stocks. Still, we’re higher on the day, which makes for a conflicted session.