Slowing Down
The trade has slowed down considerably, with S&P futures trading between roughly 1110.5 and 1106.30. There is little pit action to report at mid-day. Volume has been light since S&Ps traded below 1111-1110, and there is little direction in this trade right now.
Nasdaq broke through the pscyhologically important 1500 level, and selling accelerated to new lows at 1487. The target on the downside is the 2002 low at 1484.
Earlier, we spent some time between 1499 and 1505, which would be the obvious upside target if this market made a run over 1500.