Aftermath Of Confusion
Expect some confusion in the first hour or so of trading, as the market recovers from the confusion created by technical problems at NASDAQ on Friday.
This morning, S&Ps are down 1.00 pts at 1230.70. The market has been selling off in the past hour due to a negative pre-announcement from 3M
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For today in S&Ps, we have a resistance zone between 1235 and 1236. If we get above this, the key area will be a “transition zone” between 1239.50 and 1242. If we can get above this zone, 1246 is the key.
On the downside, we have support between 1230 and 1228.50. Below this, look for 1224.50, and then 1221.
NASDAQ is trading at 1849, up 2.50. For today, our key number on the upside is 1870. We have resistance between 1858 and 1871. If we get above 1870, our first stop should be 1885. Then we expect a move to 1915.
On the downside, 1845 to 1838 is critical. If we get below this, we’re looking for a move first to 1820, and if that fails to hold, we’re looking for 1798.
Meanwhile expect the Dow to be under pressure due to the 3M news.