Lack Of Confidence
A dramatic drop in Consumer Confidence brought the equity futures markets sharply lower this morning. While S&P futures have recovered since the initial drop, we are facing resistance at 1066-67.
On the support side, we have held above 1059 and are finding some strength as the techs recover. But the follow through to the upside will be limited if buyers don’t step up at higher levels.
Nasdaq futures traded toward the session high in the late morning with a target above 1360 at 1365-67. Earlier, some good buying brought this market out of the 1323 area. On the downside, we have support at 1322.