AMAT Impact
S&Ps are trading down 4.50 at 1139 after AMAT’s earnings and conference call which, while not bearish, was not bullish in the short-term.
For today, the first key support is going to between 1139 and 1137. This was part of a larger zone of support yesterday that the market traded through briefly before spending a fair amount of time in this zone. If we get below 1137, the key support is 1133.50 to 1131.
On the upside, the first area of resistance will be 1141.50 to 1144. This also includes unchanged. If we get above 1144, 1146 to 1146.80 is resistance. This area was our recovery high from the session lows yesterday.
Nasdaq is trading down 22.50 at 1573. The first key area of support is going to be between 1565 and 1560. This also incorporates our low from yesterday. If we fail here, we think there is a very good chance for a move down toward the 1520 level.
On the upside, the first area of resistance will be 1583 to 1587. If we get above this, look for a move back above 1600. Expect some resistance between 1595 and 1601.