New Session Low — Again
S&Ps put in a new session low at 1032 as the market continues to grind lower and lower. This followed a strong bounce previously from a retest of 1034.50, with short covering that took this market as high a 1039.
As we stated in the Morning Meeting, below 1032.50 we would expect the market to trade to 1026.50. Also keep in mind that we have seen heavy volume around the 1034 level in the Globex overnight session.
Nasdaq, meanwhile, retested the 1155 area earlier and then traded higher on some short-covering and fresh buying. But the mantra of the day is “sell the rally,” as we’ve seen the action thus far.
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