Ugly
Continued deterioration in the Nasdaq is putting pressure on the S&Ps, although this market has not spent much time below 1070.
On the downside, we see support for the S&Ps between 1066.50 and 1063. While we may test this support area by the end of today’s session, we do not expect that to happen over the lunch hour.
Earlier, S&Ps spent much of the mid-morning in a quiet trade between 1076 and 1072.
Nasdaq is once again trading lower in a trade that is nothing more than an orderly liquidation. Nasdaq futures are trading below 1200, which could open the door for 1150 over the next few sessions.
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