Relief Rally
S&P and Nasdaq futures traded initially higher this morning, after a delayed opening due to 9/11 memorial services in New York.
As we stated in the Morning Meeting, with the large gap opening this morning, the market opening resembled July 5, when markets also gapped higher on a “relief rally” in the absence of terrorist events on July 4.
At the moment, we have a choppy trade in the S&P pit. Locals have been pressing the short-side on a large gap opening. S&Ps opening range was 925-924.
Nasdaq opening range was 978 to 975. Sellers took control of the market off the open, and Nasdaq traded below the first support area at 967 to 965. Below this, 960 to 958 is support.
For more details on the Morning Meeting, please see: