Under Pressure
S&Ps came under pressure due to a failure in the Nasdaq futures and a pullback in the Dow. For the selling pressure to intensify, we would need a trade below the 1033 area.
Earlier, we saw a high around 1040, but the market could not accelerate. As we stated in the Morning Meeting, we would need to stay above 1034-1036 for the upside to have a chance.
Nasdaq futures failed several times above the key 1150 area in a market that has turned quiet. Right now, the market is chopping around the 1145 area in a trade which exhibits a lack of interest.
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