Fears And Concerns
Despite this morning’s rally, the S&Ps have fallen back, largely on fears and concerns in the market about possible terrorist activities and tomorrow’s Sept. 11 anniversary.
S&Ps are trading back at the 901 area. Just below this, we have support between 900 and 899. Earlier, we experienced a choppy trade as S&Ps fell below the opening range of 906 to 905.
As we stated in the Morning Meeting, we expect the activity to be comparatively light and nervous, as many players and institutions are on the sidelines until after the Sept. 11 anniversary.
Nasdaq futures are back in the opening range between 936 and 933. We would need to see the bulls defend the 930 to 928 area for the upside to have a chance.