Failed Retest
S&Ps had a failed retest with a 1070.50 low print, but there is very little action in the trading pit at the moment. Weakness in the Dow has made some buyers in the S&Ps concerned about holding onto long positions.
Overall this is a grind-style trade, and we do not expect a range extension at this point. As we stated in the Morning Meting, below 1075, the market could trade as low as 1065.
Nasdaq future have also been grinding lower with an other print below 1230. The trade is slow, but 1212 remains the downside target.
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