Bounce Back
S&Ps are up 1.90 at 1085.20. Globex has had a 1150-point range, with a sell-off after
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PowerRating)‘s conference call yesterday. For today, on the upside, 1081.50 is going to be key. We need to stay above that for the first glimmer of hope for the upside. Above that, we have 1085 and then 1087, at which the upside gains a little more hope.
On the downside, we are looking at 1078.50, yesterday’s low of 1077, and a key area at 1075.50.
Nasdaq is trading at 1450, down 1.5 points after a wild ride in Globex, which produced a low print of 1425.50 before rallying back to this level. For today’s trade, we have support between 1444 and 1438. If we get below this, 1430 should trade. Below 1430, we expect a quick spike to the Globex session low of 1425.50.
On the upside, our key zone from yesterday was 1453-1458. We settled just below it at 1451.50. This will be our first resistance zone. If we get above it, we’re looking for a move to 1470.