Rally
Positive economic numbers helped to boost the market today, as mentioned in the Morning Meeting, shrugging off yesterday’s declines. With S&Ps at 936, we have support at 935-934, and below that 932 which must hold for the uptrend to continue. Below 932, we would expect a pullback to 930, 927 and possibly 924.
On the upside, if 935 holds, we would expect another run to the 930-941 level.
As for the Nasdaq, as long as it holds above 1123, the uptrend should continue. Targets on the upside include 1133, 1136, 1138 and a big target at 1140-1141.
On the downside, if Nasdaq goes below 1123 and then can’t get over 1127, we would expect a better pullback to 1120, 1118, 1116 and possibly 1113-1112.