Earnings And Outlooks
S&Ps are trading down 2.30 at 1131 this morning in a market that is absorbing weaker-than-expected earnings and outlooks.
This morning on the downside, we have a key level at 1129.50, a major support area at 1127.50 and critical support at 1124, which is where the rally began on Wednesday morning.
On the upside, we have 1131.50 and then 1136.50, followed by 1139.50. We have a major area of resistance once again between 1135 and 1139.50, which was yesterday’s high.
Nasdaq is trading at 1548, down 19 handles. On the support side, the first leg of support should be found between 1546 and 1542. 1546 fills the gap from yesterday’s open. We then have support between 1535 and 1530. This will be the first key leg. Under that, it becomes 1525-1521.
On the upside, we have minor resistance between 1552-1555. If we get above this, look for 1573. Above 1573, the outlook changes to the bullish side of things and should lead to a retest to the 1592 high that we witnessed yesterday.