Pressing The Market
S&Ps are trading at 1166.50 as local traders were able to press the market below 1167 as the Dow retested the low. On the downside, the short-term target is 1165, followed by 1163. On the upside, we have resistance around 1170-1171.
The Nasdaq is trading at 1524 after a significant downturn when the market couldn’t get through the 1550 level. Below support at 1535-1528, we are now facing support at 1515-1510.
Overall, locals want to press the downside. Keep an eye on the Dow to see, if like yesterday, a bounce there leads to firmness elsewhere.