New Lows
S&P futures traded to a new session low of 1125.50 in the late morning. We see the area of 1127 to 1125 as key support, and should be used as a pivotal area for the day’s trade.
As we stated in the Morning Meeting, the Employment Report gave this market an initial boost. But since then, the market has moved lower. Below the 1125 level, we have 1120.80, which is the low on the week.
Nasdaq futures, meanwhile, traded to a new weekly low at 1381 as aggressive selling took out the previous low area of 1383. We have support from 1382 to 1379.
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