Trending Lower
The market continues to trend lower, trading back in the opening range around 1199. This kind of move is disappointing for the bulls.
The one glimmer of hope for the upside is that if we do not take out today’s lows through the lunchtime trade, we could see some afternoon buying.
On the downside, the 1198 area is important support. On the upside, we have seen tough resistance making headway over he 1206 area.
NASDAQ is trading at 1700. Hope for the upside was dashed earlier with a move below 1704. If we trade below the 1690 area, look for the downside to accelerate.