Limit Hit
S&Ps traded to limit down at 1247.50 in the late morning on heavy selling pressure in this market. Then a bounce in the Dow helped the S&Ps rally off the limit.
In the Pit this morning, we saw institutional sellers step in at 1262 and 1260, and the selling pressure has been relentless since then.
Below limit down, we see support at 1244. Below that, we have minor support at 1240.
On the upside, we would have to get above 1257 for the downside pressure to be eased. We still have resistance on the upside between 1255.50-1258.
NASDAQ saw a bounce off new lows made in the late morning at 1848. We see support on the downside between 1855 and double limit-down at 1844.50.
The SOX has been a great proxy today for the NASDAQ futures. Keep an eye on the SOX for clues today.