Watch The Close
S&Ps bounced off the lows at 1280 and are now trading at 1283.50. But for the upside to get moving again, we need to trade above 1286. Look for some buying interest if we do get above 1285.
But this is a very quiet trade. Big traders are leaving for the weekend, if they haven’t hit the road already. This is going to be a very quiet lunch-hour trade and volume will be thin. This should add a note of caution to your trade.
Meanwhile, S&Ps would shed the bearish tone that is now creeping in if that can settle above 1300 today. We’ll see what the pre-holiday trade brings us.
NASDAQ is trading at 1971, after trading as low as 1957 and dabbling over 2000 earlier in the day. Looking ahead, if we can trade above 1975 we could see a move to the resistance area of 2000-2010. It would be very important for the bulls if NASDAQ can finish the week over 2000. We’ll see what happens.
Overall, the quietness of this trade can’t be underestimated.