Lower Open And Holding Steady
Equity index markets opened substantially lower this morning and are still showing significant losses for the session. One recent bright spot has been the performance of the DJIA which is trading near its recent session high and is only down 112 points — nearly 100 off the low.
The tech sector/Nasdaq will continue to be critical to the success/failure of the session. If we are to stage a rally today and reverse this trend, it will be due to buyers in the tech sector. Keep a very close eye on the Nasdaq for direction in all the different indexes. As for the rest of the day — I am looking for the SPH to trade down towards 1280. I think we will spend most of the session chopping around, but 1310 should contain any rally.