Above The Key Level
S&Ps are trading at 1176.30, above the previous post-attack high of 1176, and up 1.00 pts. Above this, we have Friday’s high at 1178.30, then 1180.50, a critical level at 1183.50-1184.50, and then 1185, which is where the 200-day moving average comes in.
On the downside, the key area will be 1175.50, then 1173, and major support between 1169.50 and 1171. Below this, we have critical support at 1167.50. If we trade below this, look for the low from Friday of 1163.70.
Nasdaq is trading at 1699, which is up 20. On the upside, we have a similar picture as Friday when we had a 1700 target for the current pattern. And we said the key above 1700 would be for the market to base between 1695 and 1708.
On the downside, if we fail to hold this trading zone, the first expectation is to fill the gap open that we will have this morning at 1679. What we will look at is 1691 to 1688 as the first key support, below which the acceleration to 1679 should be seen. Minor support should be found between 1684 and 1682. The 1679 level falls in another minor support band between 1680 and 1676. If we get below 1675, we’re looking for 1660.