Sellers In Control
Sellers remain in control of these markets, which are unable to find any sustained buying. S&Ps and Nasdaq are trading to new lows on the year, as the Dow trades to 9100.
This morning, S&Ps traded to 975, a new low on the year, after chopping around the 987 to 980.20 level for muchof the early morning.
Nasdaq futures traded to a new low on the year at 1018, at the top of a key support area between 1018-1015. Below this area, expect a volatile move to 1005-1000.
As we mentioned in the Morning Meeting, we expect to see some volatility this morning, and then a slowing down of trading activity because of the two-day Fed meeting this Tuesday and Wednesday.
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