Signs Of Life
For the first time in a long time, I saw signs of life on the buyside. My guess is that we’ll see the low of this move put in today, followed by a rally. We’ll see what materializes.
At mid-day, S&Ps were trading at 1186.50, which was yesterday’s low, after making a new session low of 1184.20.
The high for the day is 1200. So it’s been a fairly contained range for the day.
The real culprit of the day has been the Dow, which is down 88 points at 10,120. We believe the Dow has good support around 10,000.
NASDAQ meanwhile remains in positive territory, up 16.50 at 1730. The range for the day is 1715 low and a 1775 high.
It appears the extreme selling in NASDAQ is subsiding. At this level, 1735 to 1725 is critical to the upside. Below this, the selling should intensify.