Downward, Again…
S&P futures bounced off new intraday low of 1213 to 1217.50, but the overall direction this morning has been downward.
The intraday high was put in at 1233.50 in the second minute of trading. Since then, we’ve been lower to sideways, then lower to sideways.
A very sporadic trade today, typical of rollover.
Interestingly, hourly indicators are on extreme oversold, and the dailies are halfway there. But the pressure continues on this market.
Remember, we had look for a wide range for this rollover period of roughly 1215 to 1270. We’ll see if today’s intraday low is also the low for this range.
NASDAQ trading at 1743.50, recovering from its intraday low of 1721. On the downside, the target is double limit-down at 1707.50. Rally attempts in the NASDAQ were ended quickly this morning by local selling.
At mid-day the market has quieted down.