Tight Range
A tight range for the June S&P contract (SPM) this morning, with a high of 1281 and a low of 1271.50. Currently trading at 1275.
For the upside to take hold, S&Ps would have to get over 1283. But this being rollover, we would expect it to take a couple of days for a clear market direction to emerge. In the meantime, we expect choppy and range-bound trading.
On the downside, S&Ps have support at 1270 to 1267. Some institutional buying in the Pit this morning between 1272 and 1273.
NASDAQ traded up to a late-morning high of 1993, and has since drifted off to around 1982. The semiconductor index (SOX) and second-tiers are leading the moves. However, the range is tight for the day, with a high of 2025 and a low of 1967. Above current levels, NASDAQ faces resistance between 1995 and 2005.