Working Its Way
S&Ps made a new high by 2 ticks at 1136.70, working its way through resistance from 1135 to 1137. This resistance zone, however, may prove to be a tough area to penetrate.
Earlier, the market made a steady move up from the 1132 to 1133.50 level, which is now important support. Strength in the Nasdaq is helping to propel S&P futures higher this morning.
Nasdaq posted new highs at 1594 on continued strength in the Semiconductors
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PowerRating). However, volume has been light. Thus, it has been a difficult trade.
On the downside, we have support around 1575 to 1580.