New Lows On The Session
S&Ps printed a new low at 1122.70 before some short-covering brought the market back to the 1124.50 level. We have returned the area of 1124.50-1125.50, which was outlined as critical support, before the move to new lows. If the selling pressure intensifies, the next target could be 1119-1115.
This is a locally-dominated market here, with no volatile moves in either direction. Overall, this market has been grinding lower. Weakness in General Electric
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PowerRating) and the Dow
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PowerRating) have contributed to the downside pressure in S&Ps today.
Nasdaq futures also put in a new low on the session at 1516 with continued selling pressure in the semiconductors. On the downside, the next target is 1500.
The trade is currently in its slow, mid-day phase. Earlier, we saw a solid bounce on some short-covering, but selling pressure has not eased completely.