Stuck In Neutral

S&P futures hit a new low of 1254.80, at the lower end of a neutral zone that stretches from 1253 up to 1261.50.

S&Ps need to stay above 1253-1250 to avoid a short-term down trend. Earlier, we saw notable institutional selling in the pit at 1261.

The high thus far today is 1265.50, and we have big overhead resistance at 1270.

NASDAQ, meanwhile, is under pressure today, currently at 1974 and down on the day. Weakness in the semiconductor index — with the SOX off 13 points this morning — is affecting NASDAQ.

Also, a trading halt in Yahoo is once again raising concerns. Despite a trade up to 2035 today, NASDAQ futures have been having difficulty staying above the 2000-level today.

Rollover is also a factor in this market. A lot of choppiness today.