Target Gap
S&Ps retested the session low of 1051 and then printed a new low at 1050.80 before short-covering brought the market back up to 1055. This is a thin and choppy market. As we stated in the Morning Meeting, the big downside target is the gap at 1045.80. And as we stated, we would expect thin and choppy trading between 1052 and 1048.50.
Nasdaq futures put in a new low by a point in the late morning. We have support at 1176 to 1175 on the way to the gap target at 1156. Nasdaq has seen a slow grind lower.
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