A Quiet Trade
S&Ps are down 2.70 at 1142.50 on the lows of the Globex session this morning at the start of what is expected to be a quiet trade.
Overnight, we’ve had a range of 1148.20 to 1142.50. We have a neutral range from 1144 to 1149. Below 1144, we have 1143, 1141.50, and a cluster from 1140 to 1138.
On the upside, above the neutral zone, we have 1151 and then a cluster between 1153 and 1156. Above that, we have 1160, 1165, 1167 and above this, we have a gap from Dec. 6 at 1170-1170.50.
Nasdaq is up 3.00 at 1588. On the upside, we have a key zone between 1592 and 1596. If we can get above 1596, the upside looks pretty solid, and we could make a move toward 1620.
On the downside, we have support between 1589 and 1580. If we continue, this will be a very heavily traded zone. If we get below it, the more time we spend under 1575, the more bearish it becomes. Any settlement below 1575 is also a negative.