Pressure
S&Ps put in a new low at 1080 after giving into some pressure from the Nasdaq. Earlier, the S&Ps held around the 1082.50 level, while Nasdaq traded to new lows at 1413. We see tha area of 1080 up to 1083.50 as a transition zone.
Nasdaq has been under pressure as QCOM trades off on revenue questions, according to reports. The new session low below a support area at 1415 comes after a new print at 1438.
Overall, there has been little interest in the Nasdaq trade thus far today.