New Lows
S&P futures are trading at 1013 in the late morning, exceeding Monday’s lows. How low can it go? Clearly this market is testing the short-side.
In the interim, expect some very choppy trading. On the upside, a key level is 1020-1021. On the downside, a target area comes in around 1000-1005.
Nasdaq is trading at 1183. On the downside, we see key support around 1160. On the upside, a key level is at 1198-1200.
Keep an eye on key tech stocks for clues to where we’re headed in the short term, including Intel
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PowerRating) and Semiconductor issues.