Another Boost
The stock index futures markets received another boost, thanks to a rate cut by the ECB and an upgrade of some tech stocks by Morgan Stanley with some bullish comments.
S&Ps are up 8.50 points at 1272. On the upside, we have 1273.50 to 1274, which encompasses the highs for last Friday and Monday and above that a target at 1278.
On the downside, we have 1269.50, 1266.50, yesterday’s high of 1265.30, and 1260.
NASDAQ is limit up at 1918 bid, and not too far away is yesterday’s high at 1932, where it did not fill the gap left over from yesterday’s limit down open. To fill that gap we must get to 1942.50. That should be our first and most obvious target on the upside.
On the support side, we’ll see some support between 1910 and 1890. This zone will be more a support/neutral zone. If we get below this, look for the market to re-test yesterday’s low at 1869.
As for the Dow, wake us up when it gets over 11,000. Neutral until then.