Above Fair Value
S&Ps are trading at 1154, plus 1.00 points and well above fair value to the tune of about 3.00 points. Yesterday was a very light-volume session, and we do not expect (barring a news event) any difference today.
For today, we have a key resistance area between 1155 and 1156.50. If we get above this zone, we’re looking for 1166.50.
On the downside, if we can’t get above the 1155-1156.50 area, we should make a move down to 1148.50. On the way to 1148.50, we have support between 1153.50 and 1152, and then 1150.20 to 1149.50.
Nasdaq is trading up 4 at 1605. The first resistance area that will be key will be 1606 and 1609. If we get above this, look for 1620.
On the support side, under 1600 we have support between 1598 and 1594. If we get below this, look for 1580 to trade.