Sellers In Control
S&Ps are trading at 919.50 in a market that has been controlled by sellers. At mid-day, the market has slowed down for a typical range-bound lunch session. At the moment, S&Ps are consolidating just off the lows.
S&Ps need a 30 minute close above 921 to take the market out of its short-term downtrend. On the downside, as outlined in the Morning Meeting, we have support at 917 and then critical support from 914.50 to 912.
Nasdaq is trading at 955, in the midst of a critical support area from 952 to 948. Overall Nasdaq has seen a comparatively tight range today, while the selling has been more aggressive in the S&Ps and Dow due to liquidation of financial issues.
For more information on the Morning Meeting, please see: