Earnings Watch
S&Ps are trading down 4.50 at 1177.50 as attention continues to be on the earnings and pre-announcements, following CSCO’s bombshell yesterday.
On the upside we have a key area at 1182.50, a major at 1184, and then 1187, followed by 1190 and yesterday’s high of 1192.50.
On the downside, we have yesterday’s low of 1173.50, 1170, 1168, and then a cluster from 1166.50 down to 1164.
NASDAQ is trading at 1614.50, which is off 13.50 points, after trading to the limit-down price of 1586 overnight. For today, we’re opening in a neutral zone from 1620 to 1600. If we get below this, limit down comes in at 1586.
On the resistance side, above 1620 we have unchanged at 1628. If the market gets above that, look for 1645. Above that, a key area is going to be 1665 to 1668.
The Dow had a strong rally in the final 40 minutes. It looks like this market is looking to chop around 10,000 and 10,200.
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