Gap Filled
S&P futures filled the gap at 1103.90, a target outlined in our Morning meeting, on continued selling pressure. We expect the market will be very choppy between 1105 and 1103. Further, this level will likely set up the move for the rest of the day.
Earlier, S&Ps made a move to the downside after failing to trade consistently over 1111 to 1113.
Nasdaq continues to hold the 1330 level. Earlier we saw local selling from 1334 to 1331, but when more selling did not materialize, locals were forced to cover those shorts.
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