Selling Pressure
S&P futures have come under some selling pressure this morning, but need to break the 1181-1179 support level to see some downside momentum build. We would need to see some fresh selling to spark the downside from 1179.
Overall, keep in mind that this only an 800-point range. The market traded mostly between 1180.50 and 1185 for most of the morning.
The Nasdaq futures trade is quiet at mid-day. The market is trading around the support area between 1564 and 1558, after a failure around 1580. If we can get above 1580 later on, we should test the high end of resistance around 1605.