Wednesday, May 23, 2012

S&P stalls as nasdaq stumbles.

The emini s&p futures on Wednesday were little changed with less than 8 handles of range throughout the day. The nasdaq however was weak in comparison due to bad news out of the telecomm and semi space. The s&p futures may be establishing a new value area around 1155 following the 1140 value area established last week. The jobs data this morning although weaker than expected had little effect on the s&p. We will be looking for more jobs data tomorrow, and the start of earnings with Alcoa to pick up trading activity. Support and resistance areas from yesterday remain the same.



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