Breather Or Break?
S&Ps are trading at 1278.80, down 0.20, on light overnight volume. For today, the key will be whether last Thursday and Friday was a breather or a break…
For today, the key will be 1275 and 1270. If we get below this zone, especially on an hourly close, it could lead to further retracement — most likely to a move to 1250-1245.
On the upside, we have a neutral zone between 1280 and 1285. If we get above this, look for a move to 1293. We have light resistance between 1288.50 and 1289, and then a band of resistance between 1292 and 1294.
NASDAQ is trading at 1950, down 18.50. Our first resistance/neutral zone will be between 1960 and 1975. On the support side, we have support between 1950 and 1940.
As for the Dow, it was able to just hold above 11,000 on the close. This market needs to maintain psychologically above this level.