Critical Targets
S&Ps are trading at 1098.50, up 5.00, and facing the first critical target of 1099.50 on the way to 1105-06. Above that, we have last Wednesday’s high of 1110.50.
On the downside, we’re looking at 1095-1094, which was yesterday’s high, and then 1090, 1088.50, 1084.50, 1082 and 1080.
Nasdaq is trading up 15.50 at 1405. So, we are opening in our first neutral/pivot zone between 1395 and 1405. On the downside, if we fail at the 1400 level, we have pretty good scale-down support, with the first area at 1392-87, 1383-82, 1379-78, and then 1373-69.
The Dow was definitely our strength leader yesterday, closing at 9377. This was based on strong buying in the financials and the drugs.