New Low For The Week
S&P futures put in a new low for the week at 1248, but otherwise have seen a rather uneventful trade.
Currently, S&Ps at 1251, well off the high put at the opening at 1263.80.
As the market settles down, we are chopping in a range between 1253.50 and 1250. On the downside, our target remains at 1245.
The NASDAQ is at 1839 after trading above 1860 very briefly then failing. While in negative territory, the NASDAQ is still the best performer. On the downside, it may retest the low of the week at 1824.
Otherwise, this market may be in for a rest ahead of Tuesday’s Fed meeting.