Working Off the Highs
S&Ps are trading at 1190.50, off the recent highs of 1201.
On the downside, the targeted support area is 1186. If we bounce from that level and then trade to 1197, the upside may retain its hold. If we don’t, then the downside is likely to dominate.
NASDAQ was trading at 1664, off its highs of 1710. NASDAQ has been the strongest of the three major indices today, with the Dow as the weakest and the S&Ps in the middle.
This is a very rumor- and news-sensitive market, on topics from INTC’s earnings and guidance and the slim chance of an inter-meeting Fed cut. We expect a clearer direction for this market short-term after the lunch hour.
Gary
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