Top-Of-The-Hour Strength
S&Ps closed the top of the hour above the key 1020.50-1021.50 area, which may lay the groundwork for the 1030 level. Strength in the Dow, which has found positive ground, is helping the market.
As we said in the Morning Meeting, above 1021.50, we were looking for 1030 and possibly a stretch up to 1035.
A rally in the Semiconductors has led the Nasdaq 100 to a new high at 1137. Our next target on the upside is at 1145. We have a massive resistance zone between 1148-1162, where we will expect a solid two-sided trade.
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