All Eyes On Tomorrow
S&Ps are down 12.00 at 1233.50 this morning due to more tech warnings, but keep in mind that there could be some squaring of positions in advance of tomorrow’s Employment Report.
On the downside, we have 1231.50, 1229 and 1227.50-122.460, which is a big band of support. Also, 1225 is a very actively traded area of this contract.
On the upside, we have resistance at 1235-1236, a small area at 1238 and 1240.
Currently, the NASDAQ is trading at 1818 down 30 points. Overnight, our low was 1808, which was below Tuesday’s low of 1812. Below that, we have some support at 1800 to 1795, and then the next target becomes 1750.
On the upside, we traded most of the day on Tuesday between 1830 and 1845. The high of the day on the Tuesday was 1850. We really need to get above 1870 and not go back below 1850 for the upside to look good.