Tight Range
A very quiet trade today with the S&Ps holding in a tight range. S&Ps have been hanging right around the psychologically important 1000 area at midday, but traders are showing very little interest in the market.
Look for more consolidation in the market. Keep in mind that this is the last day of the second quarter. As we stated in the Morning Morning, we have key resistance on the upside is between 1005 and 1008, and key support is between 997 and 994.
Nasdaq has been hanging near the highs of the week, but unable to find follow-through buying at higher levels.
Earlier, Nasdaq traded to 1077, just shy of our key resistance band from 1078 to 1081.
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