Quieting Down
Short-covering moved S&Ps off the lows, but the action is far quieter than the wild morning trade. Earlier we saw locals covering shorts ahead of the 820-level. At mid-day we expect consolidation as the market digests the earlier moves.
As we stated in the Morning Meeting, we view the area from 825.50 to 824.50 to be key for this market.
Nasdaq futures were back on the lows of the day after failing in the resistance area between 851 and 848. On the downside, as stated in the Morning Meeting, we have support between 842-839.