Philly Fed Sell-Off
S&Ps traded down to the 1092 area on the release of the Philly Fed report after making a new session high at mid-morning of 1099.
Strength earlier in the session came from dealer buying that caught some local traders on the shortside. As we stated in the Morning Meeting, we have a neutral zone in which we expect a choppy trade from 1090.50 to 1096.
Nasdaq was trading around 1306 after the Philly Fed report. Earlier, the market had traded above 1320, but failed and retreated to the 1312 area. We see 1315 as a key level from yesterday afternon.
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