Will We See Unchanged For May?
S&Ps traded up to 1078.30, but the market quickly failed and traded to 1074.50. One troubling note is the inability to trade above unchanged on the month for any extended amount of time.
As we stated in the Morning Meeting, above 1075, we should make a play for 1080.50, which will be a key trading level for the upside.
Nasdaq futures have traded back below 1240. All is quiet in the pit, however. On the upside, if we can get an hourly close above 1252, things look bullish and the next target would be 1292.
For more information on the Morning Meeting, please see:
https://www.tradingsubscriptions.com/subscriptions/site.cfm?page=sub-bems-1