Follow Through
After yesterday’s impressive rally in the equities, the question becomes will we follow through and rally further?
This morning S&Ps are trading up 0.40 at 1272.90, well off the overnight session lows of 1266.50.
S&Ps should open today in the middle of our strong resistance zone of 1270 to 1275. If they get above this, we’re looking for 1283.
On the downside, if this resistance holds, look for a trade to 1260. Along the way, 1268 to 1265 should be some light support.
NASDAQ futures are trading up 25.50 at 1966. It seems NASDAQ has filled the gap from two Friday’s ago at 1953.50. All eyes today are on 2000. Along the way, 1970 to 1975 is light resistance.
On the downside look for support between 1950 and 1940. If this fails look for a move to 1910.
The Dow made a nice move yesterday. IBM is now the largest weighted stock in this index, going ahead of 3M yesterday on the close. All eyes on 11,000.