Yearly Low Target
With S&Ps trading below 995 at the bottom of the last hour, this targets a retest of the yearly low of 980. While this may not happen today, it will be the target for early next week.
As we stated in the Morning Meeting, on the way to 980, we see support/stopping points at 992.50, 989, 987 and 995-993.50. Earlier, we saw strong scale-down dealer selling below 998 with more weakness in the Tech market.
Nasdaq traded at its lowest level since August 1998, but is holding in a narrow range. The market has been chopping around the 1058 to 1049 area. At this point, we would expect more consolidation and do not see a large move until this afternoon.
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