Philly Fed Drop
S&P futures came under pressure at mid-day due to a far weaker than anticipated Philly Fed survey report. Earlier, S&Ps were participated in one of the quietest trades in a long time, holding a very narrow range for most of the session between 905-898.
As we stated in the Morning Meeting, the 898 target is also the bottom end of a consolidation range for the past six trading sessions.
Nasdaq futures have been unable to take out resistance at 1028-1030 but holds support between 1010-1008.