Key Level
S&Ps broke below the 1248 key level to trade in the late morning at 1246.70. Locals seem to be short-biased, although there is very little dealer activity at the moment.
Sustained trading below 1248 will favor the downside, with 1244.50 and 1238 as the targets.
On the upside, things will begin to improve if S&Ps can get over 1254. Overall, though, a quiet and lackluster trade.
The NASDAQ was grinding lower in the late morning after failing to trade the old limit down price of 1932. New session lows were put in at 1895.