Chopping In The Zone
S&Ps put in another new low print at 1140 as the market chopped in the 1142-1135 critical support zone. Weakness in the S&Ps is also partly due to a downward move in the Dow.
The trade is thin at mid-day. We expect a consolidation at lower levels through the lunch time trade until the next move in S&Ps. As we said in the Morning Meeting, only a settlement below 1135 puts this recent rally into question.
Nasdaq futures have been hanging on the low of the day, unable to get back above 1450. The mid-day trade is dominated by the locals. Barring news, we still do not see a volatile break before 1:30 p.m. Central.
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