Going Lower
S&Ps hit new lows at 1159.50, in the midst of a support level of 1158-1161. We’ve come back a bit from those lows, now trading at 1164.50. Limit down is at 1158.
A quiet day in the Pit, but the short-side can’t be ignored on a day like today.
From our perspective, only a trade above 1171.50 would change the very short-term bias to the upside. Above that, the target would be 1177 to 1179.
NASDAQ put in a low print for the session thus far at 1653, holding above our 1650 target. CSCO and significant second-tier issues have been trading lower, and the SOX was down. Keep an eye on them for clues on what the rest of the session will bring.