Slow Down
The trade continues to slown down as the rangebound lunch hours approach. Buyers have held S&P futures around the 830-area, but we have not seen aggressive dealer bid to getthis market moving.
As we noted in the Morning Meeting, we would need a sustained trade above the 839-840 area. We see the opening range of 834.50 to 835 as critical for the afternoon.
Meanwhile, Tech remains under heavy pressure, and is unable to generate a rally. Nasdaq future continue to chop around the 850-level with no momentum in either direction.