Rebound
A late-morning rebound in the Dow, led by recoveries in the Consumer and Financial sectors, pushed the S&P futures back above 800. S&Ps, however, need to sustain a trade above 805-806 to encourage more aggressive short-covering.
As stated in the Morning Meeting, the key level will be 800 today, which buyers must step in and defend. Otherwise, the downtrend will continue.
The Nasdaq has been slowly grinding higher after spiking to a new low at 807. Nasdaq futures need to hold the 821 to 823 area to force more aggressive short covering.
For more information on the Morning Meeting, please see: