Comeback
S&P futures are at 1168 in the late morning, with a very quiet trade at the moment in the pit.
On the upside, if we can get back above 1172, we could retrace back into the 1176 to 1177 area. On the downside, we have 1165. The slow summertime lunch trade has resumed after this morning’s action.
Earlier, sell stops were triggered when the market sold off on negative Microsoft news and weakness in the Nasdaq.
Nasdaq is trading at 1541, just below the resistance area at 1545 to 1550. The Nasdaq pit is very quiet at the moment.
Nasdaq made a comeback after printing 1520 on the low. Keep an eye on the semiconductors as they’ll likely hold the clues to future action.