Quiet Breakdown
The market has staged a “quiet breakdown” in the late morning today.
S&Ps traded down to a small support area at 1215-1214 at mid-day, with support below that level at 1210.50-1209.
On the upside, this market had difficult trading above critical resistance around 1225, and traded to the 1219 level, before declining further in a quiet market.
Pressure on this market coming from the Dow and locals who are pressing the short side.
Nasdaq is also quiet, but trading lower. Below the 1735 area, we see support at 1715-1705. The Semiconductor Index (SOX) has been lower, which is acting as a proxy once again for the Nasdaq.