Off The Lows
S&Ps are at 1089.50, off the lows at 1086.50. On the downside we have support around 1085-1083.50. On the upside, the notable target is 1095, which was Friday’s low.
Selling by dealers and locals, as well as weakness in the Dow, have pushed this market lower this morning.
For the moment, expect the market to chop around in the current range. We’ll see what the afternoon brings, particularly the last hour.
Nasdaq futures are at 1422 after hitting the 1420 target level. Below this we have a target at 1395.
On the upside, this market has struggled from 1424 to 1436. Once again, we expect a choppy trade through mid-day. If we get the upside going, expect resistance around 1440-42.