Broken
S&Ps at 1130 and headed for new lows below today’s session low thus far of 1127.50.
Earlier, this market tried for a bounce on some seemingly positive economic news, but failed to get above the key 1135.50-1137 zone.
For the mid-day and afternoon session, expect things to quiet down considerably as traders leave for the Labor Day Weekend. Also keep in mind some financial markets, such as bonds, will have an early close today.
Nasdaq futures are at 1455 after breaking through support at 1480-1460. We’re seeing a choppy market and the likelihood of lower prices still. Below 1460 the mood of the market is definitely even more bearish.
On the upside, we’d have to get back into the 1480s to start looking better, with a target set on 1500.