New Lows
S&Ps put in a new low print at 1139.50 in the late morning, at the bottom of a key support area. A slow deterioration in the equities markets has pushed the market lower. However, there is little momentum in the trade today.
On the downside, we see a target at 1136.50. On the upside, the key level is 1141, which is a previous low area.
Nasdaq also put in a new low on the day at 1604. The short side took over below 1610 as the locals became more aggressive sellers. We see choppy support all the way down to 1589. The trade remains very thin.
On the upside the target is 1610, at which we had seen some dealer bids earlier this morning.