Tuning In…
S&Ps traded at a session low thus far of 1334 and a high of 1341.50, a tight range as the market listens keenly to Greenspan’s testimony before the Senate Banking Committee.
Currently, we’re at 1341. Throughout the morning, the market has continued to chop around. We’d recommend sitting on the sidelines for now, unless you’re positioning for further down the road.
As for the numbers, the market must stay above the 1336.50 level to retain a bullish overtone. However, this 1341.50 to 1343.50 should prove to be key resistance.
On the downside, an hourly close below 1336.50 would be a negative to the market.
NASDAQ remains very quiet. Since this market was able to defend the 2340 level, we’re still on the bull side of the equation.