The Floor…For Now

S&Ps have set a session low thus far just above our downside target of 1186 and are currently trading at 1190.

If the market can hold above 1186-1186.50, that may hold some promise for the upside this afternoon. The trade is currently dominated by locals, and the activity is thin. Be careful of being heavily involved in this market at mid-day.

NASDAQ is trading at 1625, off the earlier low at 1614. A choppy trade in this market today. On the downside, we have support around 1615. On the upside, we have a critical zone of resistance around 1653.

Don’t expect too much out of this market until later this afternoon.