Pressure
S&Ps put in a new low for the day as it trades to our downside target from the Morning Meeting at 858. Now, the major indices are in the procss of filling the large open gap from yesterday.
Earlier, S&P futures failed several times in the critical range of 866 to 868, which added to the downside acceleration. We would need to see a sustained trade above this zone to remove the selling pressure today.
Nasdaq traded to the 911 limit-down target, but was never able to lock limit offer. Some local short coveing brought the market back to 915 after that, but this market remains under strong selling pressure.
As stated in the Morning Meeting, disappointing earnings and a lack of a positive outlook from Intel, which released results after the close yesterday, has dragged down the market today.