Pressing The Short Side
S&Ps put in a new low for the day at 1127.50 in the late morning as local traders pressed the short side below 1130. On the downside, we have the Globex session low at 1126.
This has been a volatiile morning with a new session high of 1136 on some positive Dell Computer
(
DELL |
Quote |
Chart |
News |
PowerRating)news, followed by a move lower.
Similarly, Nasdaq futures retested the low of the day. We have a critical area for the market around 1560, with “ballgame support” at 1557-1559, below which, the selling could get aggressive.
Dell news did take the Nasdaq higher to 1590, but the upside did not last for long.
Overall, look for more back and forth grind before the market decides to take on a direction this afternoon.