Technical ‘Difficulties’
More pain and suffering in the tech sector, causing further weakness across the equity complex. Currently, S&Ps are at 1153.50, off the lows at 1152. Intraday high thus far is 1166.
A quiet mid-morning session in the trading Pit. Earlier, S&Ps failed around the 1162-1163 level and saw some selling in sympathy with the techs as they continue to erode.
NASDAQ has been on the defensive, with weakness in the semiconductors. NASDAQ futures are at 1552, after trading to a new contract low.
Earlier this morning, we saw a flurry of activity and some fresh buying around the 1570s. But deteroriation followed.
Remember it’s the end of the quarter, which could make this session volatile and unpredictable.