Lack Of Confidence

S&Ps are at 1168.50, after a weaker-than-expected Consumer Confidence reading. In effect, this market has erased all of Friday’s rally.

At this level, we are above Friday’s low of 1165 and Thursday’s close of 1163.50. With these targets in mind, expect a choppy, rangebound trade until later today.

Earlier, the market traded lower on the Consumer Confidence reading for August, breaking through what had been support at 1175-1176. We have a support area from 1171.50 all the way down to 1168.

Nasdaq is trading at 1550. This market has continued to hold the 1541 low for the day, which is also within a support area of 1545-1535.