Will We Shoot For This Key Area?
S&P futures are trading around 917.50 and holding above an important support area at 917. Overall, the market is building a base, it appears.
If this support holds, they should try for the key area, as outlined in the Morning Meeting, around 920. However, that could limit the upside at least for the short-term. On the downside, if we get below 916.50, it could encourage the sellers with targets at 915 and 913.
Nasdaq is trading at 1075. To encourage the sellers, it would have to sustain a trade below 1072. For the buyers, the market would have to show strength above 1076.