Retesting
S&P futures are currently retesting the 1010 area, and if that fails, will likely be held to 1007.
This morning, we’ve seen broad selling in the market, especially in the Semiconductors. This pushed S&Ps below the range that had held for much of the morning between 1021 and 1013.
Nasdaq futures are trading around 1198. The Semiconductors
(
SOX |
Quote |
Chart |
News |
PowerRating) are weaker, and this has been a proxy for this market.
We see support on the downside between 1188 and 1184, and then 1175 and 1170.
As for the afternoon trade, watch the SOX and the major Nasdaq stocks for a clue to what is likely to happen in the futures.