The Waiting Game
S&Ps are taking a breath today after two big up days and as this market awaits the latest ruling from the U.S. Supreme Court.
In the mid-morning Chicago time, S&P futures were making a new high at 1402. The previous intraday high was 1401.50. Up ahead, we have a band of resistance from 1402 to 1405.50.
In the Pit this morning, we have very little participation by Locals and Institutions. Everyone, it seems, is in a waiting mode.
This market could very well trade in a range through mid-day from 1391 to 1401.50. On the downside we have support at 1394.50, 1392 and 1391. If we get under 1391, there is a major support area at 1386.50.
NASDAQ futures were trading at 2990, down 43 on the day. We have been holding just under 3000 for most of the day. A tight range for this market, and pretty choppy action. The high of the day is 3015.
It has popped above 3000 three times, but has trouble sustaining trade over that level.
The Semiconductor Index, meanwhile, is on the low of the day, at 649 down 32 points.