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Futures mixed

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Equity futures are mixed this morning after being higher across the board earlier. Currently, S&P futures are higher by 2 points, NASDAQ futures are lower by 5 and Dow futures are up 29. S&P fair value for today is $8.34. That price will not change during the day. Buy programs are set for buying at $10.22 and sell programs are set at $6.06.

NASDAQ-100 Index (NDX.X) Chart - last six months

Yesterday, the NASDAQ-100 (NDX.X) broke below the 50% level on our fitted retracement bracket. This differs from what we witnessed in the broader NASDAQ Composite (COMPX), which actually held above its 50% retracement level on a similar retracement bracket. This tells me that some of the larger capitalized technology stocks remain suspect as valuations continue to be taken out of those stocks. Traders that are trying to trade long in this market might be better off looking at some smaller capitalized stocks.

Jeff Bailey
Senior Market Technician

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