Finding Support
A new session high in the S&P futures in the late morning at 1058. Volatility in this market has subsided dramatically, and we see some support in this market.
The panic selling that could have erupted in this market has been nearly absent. Remember, this is a news-dominated market, which adds to the volatility. Meanwhile, the European Central Bank added 50 bp in cuts in a coorinated move with the FOMC.
Nasdaq futures traded above 1300, but sellers were found over the 1305 level. We have support at 1286-1280 and below that around 1260.