New Yearly Lows
S&P futures put in a new low for 2002 at 1002.50. Expect a choppy trade here. Keep in mind that this area only traded for about five days back in September.
Overall, expect a volatile trade below 1010. Also, the market is now well below trendline support that, as we mentioned in the Morning Meeting, came in between 1006-1007.
New lows for the year were also put in the Nasdaq, which traded below the lows from last September 21. Sellers are in control of this market. On the downside, the next major target would be 1050, with some support points at 1083, 1075, then 1065-1060.
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