Down The Stairs
S&Ps made a staircase move lower to 1006.50,
just above a support level at 1006 to 1005. If we move lower from here, look
for yesterday’s low to be tested at 1000.10, which is encompassed in support
from 1001.50 to 999. On the upside, we have resistance from 1013 to 1017,
which is well below the opening range of 1023.50 to 1024.50.
Overall, though, this is a light and choppy
market. There is not much in terms of volume in this market, which could make
for a dicey trade — especially over lunchtime.
Nasdaq is being hurt as sellers hit the Tech sector.
Nasdaq futures took out the weekly low at 1166 before stopping at 1163. The
trading pit is thin and volume is comparatively light. On the downside, the
target is the large open gap down to 1137. On the upside, if we can get
through the 1170s look for 1186.