Funny how these two trade with same mind sets, but find different results. The s&p has failed to take out either end of the pre-market high / low moving into the noon hour, while the Nasdaq future found moves above and below its pre-market levels. Note that the Nasdaq found a current high at 5917.25, which stopped short of its settle price from yesterday, 5918.00, leading to small red flags waving that may stall further upside….if the s&p can carry further, it does allow more upside potential to new highs. Time will tell.
The s&p did offer a last chance long when it found its opening print of 2463.50 off the earlier high of 2469.00, print low 2463.25. The confirmation holding the 2462.00 was enough to boost it to test the pre-market high spot on the 2470.50 price. A pull back low at 2468.25 found a retest of that high, which in turn followed with a move under that last low of 2468.25. Decision time as it looks for a next move. Holding the weekly pivot was one key, but in the back of my mind I still think a small opportunity does exist to release the trapped longs at the 2474.25 price maybe had by days end. Late in the day or on the next move back to the opening print / last low puts that confirmation price 2462.00 as the deal breaker which in turn could find things a little ugly by days end.
The Nasdaq after finding an earlier high of 5903.25 returned to test the pivotal price of 5889.00 with a low at 5888.50. Sideways action for 10 minutes never did find new highs, but did return to hold that same low. It was enough to spur a move to new highs which eventually found that current high of 5917.25. A first key level will come at the earlier high of 5903.25 and if it follows with a move back under that small inter day double test of the 5888.50 price, look out if the next move finds the opening print of 5876.25. Trouble late if that level goes as well. New highs will be all about the 5922.50 and daily pivot 5932.75 levels.
Top Notch
