Nasdaq Pressure
S&Ps trading at 939.30, coming into some light selling, mostly in sympathy with the Nasdaq, which has made new lows. At mid-day, however, the market is quiet.
Earlier, S&Ps were unable to sustain a market above unchanged, and slipped back to the 945 area. Despite a strong start of the day due to Durable Goods, as outlined in the Morning Meeting, weaker than expected consumer readings pressured this market.
Nasdaq futures did put in a new low for the week at 988, but spent only a few minutes below 990. Should we have a 30-minute close below 990, that would result in a retest of 974. Earlier in the day, Nasdaq failed to sustain a bid above 1000 and fell back into the heavily traded area of 1000 to 992.
For details on the Morning Meeting, please see: