Tried, But Failed
S&Ps tried but failed to find buyers above 980-982 and broke to new lows on the day at unchanged. As we outlined in the Morning Meeting, the area from 973-975.50 was the trading range in the final 15 minutes yesterday.
Interestingly, we are seeing end-of-the-quarter institutional activity dominating the market today.
Meanwhile, Nasdaq filled the morning gap on some strong selling. Adding to the downside pressure are stocks that have moved into negative territory.
We would need to see buying at 1022-1019, or else we’d expect more downside extension in Nasdaq.
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