Chop, Chop And Lower
New lows in the S&Ps in the late morning around 1090.50, breaking to the downside after bouncing between 1098 and 1093.50.
We’ve seen a choppy mid-day trade for the most part. On the upside, if we get there, we’d expect resistance around 1100 and then 1108-1112.
Unemployment, continued tech concerns, weakness in the Dow. You name it — the market has traded lower on it. So much for the NAPM optimism earlier this week.
Nasdaq futures found support around 1350 this morning, and short-covering pushed the market above 1360. Weakness in Microsoft has put the pressure on. As usual, keep an eye on the Semiconductor Index
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On the downside, if we get below 1350, look for 1337 in the short run.