We can see that the 1185 area in the ES futures (above) acted as resistance last week and now is offering a measure of support after this morning's market drop. We're seeing selling in the euro and Aussie dollar vs. USD; gold and oil are also lower. Small cap stocks are holding up relatively well, however, and the 70 area represents key near-term support for IWM; 1980 is key support for NQ. With 977 more declining stocks than advancers, so far this is a normal market breather, not a wholesale rejection of these price levels.
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