A Nervous, Volatile Market

• September 22, 2000
• Lewis J. Borsellino

The S&P market is very nervous and volatile, despite being in a 10-handle range from 8:45 a.m. Central until the present — prices being roughly 1444 roughly 1454.

S&P futures are trading at 1448 currently, down 2150. The market continues to hold gains off of a dramatic selling on the opening. The morning’s high has come in at 1455.30, which was made at 9:50 a.m. Central time. S&Ps need to hold 1444 through the middle of the session to have any chance of further gains.

On the upside, 1455 to 1458 remains critical overhead resistance. If the market were able to make a charge against these levels this afternoon, and successfully trade above them, we’d have a reasonable chance of trading into the 1470s.The NASDAQ market never double-locked limit down, suggesting that selling pressure in the tech sector is not as heavy as it could have been. Key issues are Oracle
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PowerRating), Cisco
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PowerRating), JDS Uniphase
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PowerRating), which have support at lower opening prices and have moved higher from those early prints.