Awaiting The Court
Once again, this market is awaiting news out of the courts in Florida. In the meantime, let’s take a look at what’s happened thus far this morning.
After a sharp selloff into the close yesterday, S&Ps recovered overnight and opened higher this morning. This morning, S&Ps traded to a high of 1390.50, then pulled back to the mid-1380s.
We’re on the sidelines currently and, like most traders, we have one eye on the screen and one on the TV for the latest Florida court news.
At the moment, S&Ps are at 1384.50. This is just above our key trend line at 1382-1383.
If this area holds, we could be heading back up toward the earlier high, with a major target on the upside at 1400. On the downside, we have support at 1372-1375.
The NASDAQ is currently trading at 2895, plus 172.5 points. The high for the day is 2935, which was in the middle of Tuesday’s high area. We continue to expect this to be good overhead resistance.
NASDAQ has a band of good support between 2845 and 2865. Any trade below this area would be negative for today’s action.