Off The Lows
S&Ps are trading at 1229, just off the lows at 1227.50.
S&Ps have been in a slow grind lower, although they found support at 1227.50-1226 after breaking through the 1229 support area earlier this mornig.
The downside has intensified under 1230. This market must get back to 1238 to re-enter neutral territory.
NASDAQ is trading at 1791, also off the lows at 1786. We have solid support in the NASDAQ from 1780 to 1775. But if that doesn’t hold, then 1750 should be the downside target.
We would need to get back above 1800 and sustain trading over 1820 for the upside potential to improve.