S&P futures vs fair value: -5.4. Nasdaq futures vs fair value: -6.0.

S&P 500 and Nasdaq 100 futures are off their lows but still languish well below fair value to indicate a lower open for the cash market. There is some semblance of stabilization in bonds; but the yield settling in only a few basis points below the 5.25% fed funds rate continues to undermine the momentum equities have enjoyed for nearly a year.