Expiration
Option expiration is in full force today, as mentioned in the Morning Meeting, and there will likely be some related action S&P and Nasdaq futures. The full impact of that, however, may not occur until later in the trading session.
As for the S&Ps, trading at 893.30, things are looking more bullish. On the upside, to encourage the buyers, they will have to get above 896.50, then not go below 894 again. On the downside, they will have to show staying power below 890.50 to start to encourage the sellers.
Nasdaq is trading at 1022. On the upside, to encourage the buyers Nasdaq will have to get above 1026. On the downside, if it has trouble staying over 1023 look for a small breakdown to 1018 and 1016-1015. To encourage the sellers, they would have to go below 1014.