Thin And Quiet
S&Ps are trading at 1134, off the low at 1132.50, in a very quiet market. What lies ahead for this market may be tempered by the fact that many large locals in the pit have left early for the Thanksgiving holiday. So volume will undoubtedly be light on any moves that could develop.
On the downside, we have a support zone from 1133.50 to 1131. On the upside, we’ve seen this market falter on retests of the 1142-1142.50 area.
Nasdaq is trading at 1536 off its lows at 1527. We are currently hanging around the key 1540 level, although the trade is thinning out dramatically in front of the holiday.
On the upside, our target would be 1548. On the downside, the major target remains 1515.