A Change In Course?
For S&P futures, we need an hourly close above 1080.50 to change the immediate downtrend. This morning, S&Ps are trading at 1068.80, down 4.30. On the upside, we have 1073, and a zone between 1075 and 1078, and above that 1080.50.
On the downside, we have 1065.50, and a cluster between 1063.50 to 1062. This was the breakout area from last week.
Nasdaq is trading down 1329.50, down 14. It is opening up in a key area. We have a support zone between 1335 and 1330. Below this zone, we’re looking for 1315.
On the upside, above 1335, we have a neutral zone from 1338 to 1345. Above this zone the key level becomes 1350, which is yesterday’s high. Above 1350, the target becomes 1372.
The Dow was grinding a little bit lower yesterday. It is still stuck in neutral.