Lows And Then A Bounce
S&P futures traded to a new session low at 1072.70, largely on short trading by locals. The market then bounced back to the 1076 pivotal area. At the moment, the market is thin, and the trading pit is only about half full.
As we said in the Morning Meeting, on the upside we have resistance between 1076.80 to 1077.50. If we get above this, then 1080.50 will become a pivotal level.
Nasdaq futures were in a narrow choppy trade in the late morning after a retest of a new low print at 1252. The market then started a quiet grind higher. Volume overall, however, remains light.
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