Transition Zone
S&Ps are trading at 1165 after trying to find some support at the 1164.50 bottom of the transition zone. This has been a very quiet mid-day trade, which we hope will pick up in the afternoon.
Earlier, the S&Ps were grinding off the highs after they failed to sustain a trade in positive territory. We need to get above 1169 for the upside to take hold, or below 1164.50 for the downside to pick up. As we stated in the Morning Meeting we have a transition zone between 1164.50 and 1169, and above that zone we have resistance from 1169.20 to 1171.
Nasdaq is trading at 1545, right in the middle of a neutral zone from 1540 to 1550. The pit is very quiet at mid-day.
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