A Chance For The Upside?
With S&Ps at 864, it appears that the upside still has a chance — as long as S&P don’t go below 862.50. On the upside, however, S&Ps face potentially tough resistance at 865.50 and 866.50. On the downside, if they go below 862, look for a test of the low area at 861-860. As noted in the Morning Meeting, we have a pivotal area at 859.50, and then support at 858, followed by key support at 856.50.
As for Nasdaq futures, as long as they can hold above 1068, the bounce should continue. On the upside, we expect tough resistance at at 1072 and 1074. On the downside, if Nasdaq goes below 1065, look for a test of the lows at 1062, then 1061-1060.