Halfway Point
S&Ps have been trading in a range between 1110 and 1060, which makes the area of 1090-1085 about the mid-point of that range. This morning, S&Ps are at 1090.50, up 2.25.
On the upside we have 1093.50, 1096, 1098, and a key resistance area at 1100 and above that 1105.
On the downside, we have 1087.50, 1083 which was yesterday’s low, and a cluster between 1080 and 1078, which has been a consolidation area.
Nasdaq is trading at 1393.50, down 1.50. We have a neutral zone between 1390 and 1405. If we get above 1405, we’re looking for 1427, which was yesterday’s high. Target/resistance points along the way are 1412-13, 1417-18, and 1422-24.
On the downside, if we get below 1390, we’re looking for 1375, which was yesterday’s low. Target points along the way are 1388, 1383-80, and 1378-75.
The Dow closed at 9340 yesterday after trading in only a 140-point range. The Dow is in a range between basically 9000 and 9500.