New Front Month, Sellers Dominate
With December now as the front contract month for S&P futures (SPZ), this market has come under pressure today. Since Bush began his UN speech, 897.70 has been the high print. We need to get above 902 to remove today’s bearish bias.
As we stated in the Morning Meeting, below 900 we have a pivotal area at 899.60, then 898.50 and 895.
Some short-covering in the Nasdaq futures (December contract, NDZ, took this market up to 933. The high of the day is 939. Earlier, the Semiconductors (SOX) made a new low for the day, but was unable to spark selling in the Nasdaq.