Holding Support
S&Ps held our key support area between 851 to 850 in a grind off the highs. The market has slowed down as the lunch hours approach. As long as we sustain a bid above 850, however, the more likely we’ll see the upside this afternoon.
As stated in the Morning Meeting, S&Ps have a key level between 850.50 and 852.
This market weakened in the late morning on Tech selling. The Dow also sold off its high of the day after failing at the pscyhologically important 8000-level.
Selling accelerated in the technology issues, which brought Nasdaq futuers back to their lows of the session and the support area between 882 and 879. This market essentially needs a move below 880 or above 901 to get any momentum going in this trade.
For more information on the Morning Meeting, please see: