Sellers Step Up
S&P futures put in a new low print at 1038.70 in the late morning. The sellers have stepped up below 1040. As we stated in the Morning Meeting, we view the area from 1039 to 1038.50 as support. If we break below it, however, we’ll look for 1032.
Nasdaq put in a new low on the session at 1168 due to weaknes in the Semiconductor Index
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PowerRating). Our downside targets are at 1165, with support from 1166-1165, and below that 1155.
Despite a spike earlier to 1199, this market has been grinding steadily lower.
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