Sellers Step In
Selling in S&P futures took the market down to a new session low in the late morning at 1160.50. Selling began around 1163.50 and then kicked into a higher gear at 1162.
Earlier, the market bounced off lows at 1160.80. But weakness in the Dow and in some technology issues are adding pressure to this market. On the upside, we have resistance between 1163.50 and 1164.50.
Pressure in the Nasdaq futures has come from certain stocks, such as
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PowerRating), which took the futures down to 1661. This has been a choppy trade most off the 1659 low print made earlier. Keep an eye on the
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PowerRating) and the tech stocks in general for a hint of direction in this market this afternoon.