News Lows
S&Ps put in a new low for the day at 898.7, just above our target and gap fill at 898.5. Short-covering then brought the market back to the 902-area. However, as stated in the Morning Meeting, the market is in a solid downtrend, propelled by Cisco’s negative news. Only a move back above 905-906 would reverse this trend.
Nasdaq also put in a new low. The downside key level is 1020.50.