New Session Lows
A new session low in S&P futures at 1164, which is in line with a support zone from 1165 down to 1162.
We have seen some aggressive selling this morning from institutions as well as locals. On the upside, above the previous low for the day at 1165.50, we have 1167-1167.70 and then the trading range from this morning of 1169 to 1171.
Nasdaq also has been trading at new lows for the day in the support zone between 1662 and 1658. Weakness in the semiconductors has pressured this market, as well as some lower moves in big-cap Nasdaq stocks.
On the downside, the target is 1645, with support along the way around 1653-1651.