Friday Selling Once Again

The equity index complex is singing the Friday blues once again. After a two-sided trading open, sellers began to exert the upper hand with attempts to offer the tech sector. Once successful, bids resting underneath the market were cancelled and we drifted lower.

Most of the talk across the pits seem to be centered on the talk of recession and if we can hold our recent highs. However, the NDH is eroding after a tremendous rally, as stocks like
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JNPR |
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CIEN |
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SCMR |
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NTAP |
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continue to trade well below recent highs. Currently I am a seller in this market as we closed on a hourly basis below my key support zone between 2570-2550. Only a trade above 2585 would end my position.

As for the SPH, my ultimate target is 1350. However, this may not happen for a couple of sessions. For the rest of today look for further downside probing, with key support between 1365-1363.