Market May Head South at Open

The market can't decide what to make of yesterday's action this morning, and futures have turned tail into the red after being moderately up earlier this morning. But it's hard to say what futures mean these days. Futures were strongly in the green before the open yesterday, and major indices plunged into the red following the bell.

At 9:12 a.m. EDT, the S&P 500 futures were down 1.6 points, just more than 3 points below fair value and not a clear indication for the early going. The Nasdaq 100 futures were off 25 points, after being up 34 points an hour ago, which could indicate some renewed selling pressure in large-cap tech stocks at the open.

Despite a pretty substantial bounce in the final hours late yesterday afternoon off serious morning weakness, many traders say nothing has really changed. The Nasdaq Composite Index fell to new intraday lows yesterday, taken out by major tech bellwethers like Cisco(CSCO Quote), and was later followed by big names on the Dow Jones Industrial Average. But the market remains in a trading range between mid-April lows and early May highs. ...