New Session Lows
S&Ps put in a new session low at 1082.40 before the trade slowed for the usual rangebound lunch hours. Earlier, the market broke out of a previous tight range with a range extension to the downside on selling in the tech issues. Overall, as we stated in the Morning Meeting, we see the entire area of 1084.50 down to 1080 as scale-down support. A sustained trade below 1079.50 would open the door for 1070.
Nasdaq put in a low for the day at 1245 as the grind lower continues in the techs. Below this, we are looking for 1235. As we said in the Morning Meeting, 1245 was a first downside target on a trade below 1250.
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