Another Higher Opening
S&Ps are trading higher again this morning, up 7.50 at 1147.50. For today, we will have resistance between 1148 and 1150.50. In addition, we have scale-up resistance from 1151 to 1155. We anticipate a breakout above 1155, with our upside objective of 1160 being reached, and potentially a move to 1173.
On the downside, so far every day that the market has opened up above 1145, we have quickly reversed. If that occurs today, our first key support area is going to be 1146.50 to 1145.50. If we get below this, we’ll look for the gap to be filled at 1140, and again we anticipate a very choppy trade between 1142 and 1138.
Nasdaq is trading up 17.50 at 1602.50. On the resistance side, our key for the upside is going to be holding above 1596. Above 1596, the first stop is going to be the same as Friday’s target: 1607, followed by an objective of 1625.
On the downside, below 1596, we’re looking for a gap fill to 1585. If we fill the gap and the market cannot rebound above 1596, we are then looking for a drop first to the 1575 target, and ultimately to 1560.
As for the Dow, it closed again above 9850, which is bullish and is targeting a move toward the 10,200 area.