Weak Link
The Dow is the “weak link” in the markets today, off more than 100 points. Add to that general selling and profit-taking today, and it’s little wonder that the other major indexes are down today.
In the late morning, S&P futures are below the key 1300 and 1296 levels, trading at 1293.80. If the upside gets going, we’d have to get above 1305 for things to look brighter.
NASDAQ is also weak, trading below the 2000 level. However, it appears there is some support around 1985 level. Limit down at 1960 today, and if we get down at that level, we’d have to question the strength of this rally. Earlier, we saw some buying, particularly from the Locals, at 2005 and under.