Choppy Trade
S&Ps are trading at 882 in a choppy trade with spikes in both directions. The market is very thin at midday. Earlier buyers defended the support area between 880.50 and 879. As we said in the Morning Meeting, a trade below 875 would open the door for further downside acceleration.
Nasdaq is trading at 908, within a consolidation zone between 905 to 915. The market needs to sustain trading above 915 or below 905 for any momentum to develop. Otherwise, we expect more consolidation in a narrow range.