Sell-Off
S&Ps are trading at 1168.10, off the new session lows around 1167, with locals as dominant sellers. Today’s sell-off is not unexpected, given the aggressive upward move since the start of the new year.
Earlier, S&Ps found support in the heavily traded zone from 1172 to 1168. Now that we’re back on the edge of that, let’s see if we can make it through to the other side. However, as the lunch-time trade begins, we would not expect much in the way of dramatic action.
Nasdaq trading at 1661, off the session lows at 1657 on aggressive local selling. Pressure also seen in the semiconductor stocks. From 1657 down to 1649 we have a neutral zone. On the upside, we’d need to get back over 1668 to get moving again.