Tight Range
S&Ps are at 996, holding in a range after testing the lows earlier around 991. Overall, we see the range of 994 to 999 as the key to the session.
Overhead, we have the opening range of 1000-1001, and above that, resistance around 1003-1006.
Nasdaq at 1188. This market seems to favor the downside and a sustained move over 1200 would take some effort.
As always, keep an eye on the
(
SOX |
Quote |
Chart |
News |
PowerRating) and key stocks such as Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating) for a clue as to near-term direction.
Meanwhile, the market remains focused on the testimony of Greenspan and company before the Senate Banking Committee. According to news reports, Greenspan said that last week’s terrorist attacks hurt an already weak economy, but long-term prospects remained strong.
After yesterday’s sizzling afternoon rally, however, this market is quiet and for the moment stuck in a range.