Earnings Season…
Earnings season has begun in earnest, which will
undoubtedly have an impact on this market.
This morning, S&Ps are up 4.60 at 1097.20. This
area area should be pivotal for the opening and the rest of the day. On
the upside for today, we have 1097, 1100 and 1102.50, which was the high
after the filling of the gap at 1101.40 last week. Above this, we have
1104.50, which will be major resistance.
On the downside, we have 1094, 1092.50 to 1091.50, key
support at 1088, and 1085.50, which was the breakout area yesterday
afternoon.
Nasdaq is at 1399.50, up 10.50. First thing, we have a
neutral zone between 1395 to 1387. On the upside above 1395, the target
becomes 1431. Along the way, we have resistance/target points between 1403
and 1406, 1412 and 1415, 1420 and 1421, 1424 and 1425.
On the downside below 1387, the target becomes 1369. We
have support along the way between 1383 and 1382, and then 1378 to 1375.
Below 1369, the target becomes 1342.
The Dow settled up 3 points yesterday, but 111 off the low
and basically right on the high. Another afternoon rally as money continues
to flow into these issues.