A Mixed Bag Of News
We have a mixed bag of news and reactions in the market this morning, with
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PowerRating) reaffirming its outlook and
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PowerRating) reducing its earnings projections.
And as rollover continues, September S&Ps (SPU) were trading down 2.10 at 1284.70 this morning. On the upside, the first objective is 1286.50, followed by 1288 and then 1290. We must get above 1292.50 for the market really to take hold on the upside.
On the downside, we’re looking at 1283.50, which is a major area to watch. Then 1280.50, 1277.50 and 1276. If we break below 1276 and stay there, the downside momentum will increase.
NASDAQ (September NDU) is trading up 8.00 at 1985.50. This morning we’re opening just above our neutral zone between 1980 and 1970, where we basically spent the last hour of trading. On the upside, if we can hold above 1980, we’re looking for an eventual test of 2000.
Below our neutral zone we’re looking for a trade to 1930. On the way, we have support between 1955 and 1950, and then key support between 1940 and 1930. Below 1930, look for a test of 1900.
As for the Dow, this market had a small range of 91 points yesterday with a high of 11,100.