Economic News
A heavy economic calendar on tap today, with Greenspan’s testimony and IBM
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IBM |
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S&Ps are trading down 11.70 at 1209.80. On the upside, we have a pivotal area at 1210, and if we can get above that, we have 1213.50, 1215, 1217 and an upside objective at 1220.
On the downside, we have support at 1207, 1205, yesterday’s low of 1202.50, 1200, 1199 and then the start of the July 12 gap at 1196.50.
Nasdaq is trading down 38.50 at 1709.50 on the heels of the Intel
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INTC |
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VRTS |
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PowerRating). For today, we have support between 1706 and 1695. If we get below this, look for a move to yesterday’s low of 1680.
We expect to see resistance between 1715 and 1722. Above this, we would expect the 1730 to 1740 zone to be a neutral area with two-way trading. Above 1740, look for yesterday’s high of 1753, and most likely a run to 1760.
As for the Dow, we have some resistance between 10,650 and 10,750. Any close above 10,750 is bullish. On the support side, only a close below 10,500 is a negative.