Big Overnight Volume
S&Ps were trading at 1147.50 this morning, down 7.50 points, after an overnight session with heavy volume.
The Employment Report was released this morning. Non-Farm payroll came in substantially weaker than forecast, minus 87,000. In light of this, expect some Fed rate-cut rumors to fly.
For today, we have a key zone of support between 1150 and 1145. If this breaks, look for 1137 to trade. Between 1140 and 1137, there is critical support for us.
If we hold the support at 1145-1150, look for a move back toward yesterday’s highs at 1161.50. The critical area will be between 1159.50 and 1161.50. If we can get above this, 1168 is the next target.
NASDAQ Cash rallied 10.8% yesterday, yet it could not take out Monday’s settlement price. We are currently trading at 1490.50, which is off 2400.
For today, we have support between 1490 and 1485. If we get below this, look for 1465. Along the way, we have limit down at 1472.50.
On the upside, we still have a neutral zone between 1507 and 1517. If we can get above this, yesterday’s high of 1537 comes into play. We have resistance between 1535 and 1545.
The Dow staged a big rally on Thursday of 402 points. The question is will there be follow today?