Near The Lows
S&P futures are at 1072.50, near the lows of the session as local traders continue to press this market. We are below the support area of 1075-1074. On the upside, we’d expect some choppiness should we retest the 1080 area.
Nasdaq is trading at 1326, a key support area, after retracing some of its earlier losses. However, Nasdaq fell below the 1340 support area, as selling in Semiconductors
(
$SOX.X |
Quote |
Chart |
News |
PowerRating) led the way to the downside. If we trade lower, look for a retest of the lows.
On the upside, expect another choppy run up to 1340-1350. Keep an eye on the major Nasdaq 100 stocks, as they will likely hold a clue to the next move.