As long as S&P futures are trading above 848, the uptrend appears to be in tact. However, at mid-day, the market is quieting down. It may be later in the afternoon before we see any significant move.

On the upside, as noted in the Morning Meeting, we have resistance at 851, 852.50 and 854. On the downside, we have support at 848 and 845.

Improvement in the Semiconductors (SOX) bodes well for the Nasdaq futures. The upside targets are at 994 and 997, and above that the psychological 1000 level. Support points are at 985.50 and 982.50.