Below Cash
S&P futures were down 6.70 at 1143.60 this morning, below cash and some 10.00 points below fair value. That means the first 45 minutes are going to be very tricky today.
On the upside, we have 1147.50, 1150 and 1153. If we’re going to get out immediate danger, we have to get above 1156.50.
On the downside, we have 1142.50, a key at 1137.50, a critical at 1131.50, and 1128.
NASDAQ is trading down 20 at a new contract low of 1497. For today, we view this entire area between 1500 and 1485 in futures as support. If we get below this, limit down is at 1475.
Resistance is at 1515 up to 1530. If we get above 1530, look for 1550. We’d expect 1550 to be critical.
As for the Dow, we expect it to trade eventually below 9500.
The China situation weighed on this market yesterday, and probably will again today.
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