A Slow Summer Monday
It wouldn’t surprise us to see a slow summer Monday in the S&P futures market today. S&P futures were at 1472.50, up 50 cents this morning. We see small resistance at 1473, followed by 1475.50, 1476.50, and 1478.50. The first key number comes in at 1481.50, then 1485.50, and a major objective at 1490.
On the downside, we see support within a band between 1467 and 1465, a key area at 1463, 1460, a critical at 1457, 1455, a key area at 1450, and a major objective at 1447.
NASDAQ futures were up 20 at 3652. We see 3650 to 3680 as important resistance. If we can get above that, 3725 comes into play. Above 3725, we see a band of resistance between 3740 and 3760. If they get above this level, 3795 to 3815 is the next target. Any settlement above 3800 is bullish.
On the downside, we see light support between 3637 and 3625. Below that, we target 3608 to 3599, and then the crucial area between 3585 and 3580. If we get below this, we expect a sharp decline that should take us to the 3520 area. We have support along the way–minor at 3550 and then big support between 3520 and 3500. Any settlement below 3580 is bearish for the short-term.
Dow futures were trading unchanged at 10,800. The strength of the financial sector has helped stabilize and push this market higher. If this continues, we should see 11,000 this week. Key settlement area will be 10,878, which is the 100-day moving average. If we close above this, all systems are go for 11,000 and probably toward 11,150. We have a good area of support between 10,775 and 10,725.