Selling Pressure
S&P futures have come under selling pressure again today. Equities are suffering as investors seek a flight to quality in short-term fixed income. The first key area in this market is 842, and below that the market will face a sharp negative. As we stated in the Morning Meeting, below 849.50 in S&P futures, we would expect selling pressure to increase.
Nasdaq also has been in a freefall today in a market filled with rumor and concern. Earlier, the market traded below the key 878-level, which put 850 in the market’s sights.