Downside Targets
S&Ps trading around 935, after trading below our 937 support area. Below 937, the chances increase for a trade to 933 and below that to 930. As we stated in the Morning Meeting, 933.50 was our first major downside target with critical support between 933.50 and 932.50.
S&Ps have been in a downtrend all morning after failing to exceed our 945.50 upside target this morning. S&Ps would have to get above 945.50 for the upside to take over.
Nasdaq trading at 1012 after retesting the low area below 1010. This is going to be a crucial area for the upside to take hold in order for the market to have any hopes of seeing positive territory again today. On the downside, we hve support down to 1002 and below that at 995.