Stocks traded into positive territory early today but the wheels slowly came off. The flush to session lows came late in the day before a small bid arrived just befor the close.
The chart of the S&P 500 (Nasdaq Comp is similar) indicates how crucial holding the 3886 low is.
Tomorrow will feature the prelim UMich consumer survey and there will be plenty of eyes on the inflation expectations component, including at the Fed.
Here are the closing levels:
- S&P 500 down 44 points to 3901 (-1.1%)
- Nasdaq -1.4%
- Russell 2000 -0.8%
- DJIA -0.6%
