The Support Zone
S&Ps found support this morning after a slow grind off the high in a heavily traded zone between 1236 and 1233. Currently, S&Ps are trading above that zone at 1238.
On the upside, we have resistance at 1240 to 1241.50. Keep in mind that S&Ps were trading in the 1239 to 1243 area yesterday during the time that Microsoft was halted.
NASDAQ, meanwhile, is at 1851, right in the “Microsoft halt zone” from yesterday at just above our pivotal area of 1851. We are currently in the middle of a heavily traded range of 1845 to 1860, and this market has not found any sellers below 1840. On the upside, if we can consistently trade above 1850, things look good for the momentum to build.
Remember today is the last day of the quarter, and the S&P and NASDAQ futures markets close 10 minutes early at 3:05 p.m. Central.