Acceleration
S&Ps are up 2.80 at 1169.20 after Non-Farm Payroll came in a touch better than expectations.
For today, as long as we stay above 1165, the market retains a bullish tone. Above that, we have 1171 and 1172.50, which is a key area.
On the downside, below 1165, we have 1162.50, 1159.50-1160, and below that support at 1158, 1155.50 and yesterday’s low of 1154.50.
Nasdaq is now trading up 12.50 at 1685, just off the Globex session high at 1687.50 as this market continues to accelerate on the upside. The initial target for this pattern is 1700 in the futures, and we’ll stick with that today. Above 1700, we expect a choppy trade up to 1708, with key areas being 1705 to 1708.
On the downside, the first key area is going to be 1675 to 1669. If we get below this, we should trade back to the 1660 area. That area will be anywhere between 1662 and 1658.
The Dow settled at a new post-attack high at 10,172. As we have said, resistance is going to be found between 10,200 and 10,250.