After the Fact…
Retail Sales and PPI were basically a non-event for the market this morning. S&Ps are at 1213, down 1.20.
This morning we’re looking for 1215 to be the key area.
If we stay above this level, we’re looking for this market to move up to 1227. Along the way we have 1215, 1218 and 1220.
On the downside, we have 1210, which will be key support. If we trade through that, it targets a move to 1207 and below that we have strong support at 1204-1203. Under 1203 we have minor support at 1200 to 1198.
NASDAQ is trading at 1755 down 6.50. We are trading right at a support zone of 1755 to 1745. Below that, we have support at 1735 to 1725, and below that, we have yesterday’s low of 1711. We have support from 1710 to 1700.
On the upside, we have strong resistance between 1770 and 1795. Yesterday’s high was 1773. Above that, we have resistance from 1810 to 1820, with an 1835 target.
The Dow broke out of a downward channel yesterday afternoon, which targets a move to the 10,750 level – unless it closes under 10,380.