Quick Pop, But Pressure Continues
S&P futures saw a quick pop to 1037 on better than expected earnings from National Semiconductor
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PowerRating). However, this market has been weak due to the tech sector. Also worth watching is the financial sector where weakness in some key issues could add to the downside pressure.
On the downside, watch for the weekly low of 1130.50. Below 1130, we could see selling accelerate.
As we stated in the Morning Meeting, the market came under pressure earlier from a downgrade of Intel
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PowerRating), and that pressure continues.
Nasdaq futures rallied on the National Semiconductor’s earnings to 1170, then traded lower to 1160. The market is very thin right now. The weekly low in Nasdaq futures is 1151 and a downside target.
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