Will We Fill The Gap?
S&Ps traded to a new session low of 1263.50, which was also Tuesday’s close, in the late morning. Some support at 1263 to 1262.50. But the market may try to fill the gap from yesterday’s close at 1257.70.
Earlier, we saw a gap opening and a high made at 1273.70 in the first five minutes. After that, the market moved lower.
We expect a grind of a trade through lunch, which may make the sidelines a better place to pass this time. On the upside, if we get back to the day’s highs, we have targets at 1274 and 1280.
NASDAQ was at new lows at 1883 in the late morning, just below a support area at 1890. A slow grind trade right now that will only change if we get above — and can stay above — 1900.