Getting Ready
With NAPM to be released this morning and Employment coming out on Friday, expect to see some flattening of positions in this market.
S&Ps are trading at 1062.80, up 2.10. On the upside, we have 1065, 1069.50, 1071.50, yesterday’s high of 1076.50, 1078 and a major objective at 1080.50.
On the downside, we have 1060, 1057.50, yesterday’s low on the close at 1055, Globex low of 1053.20, and key psychological support at 1051.50-1050.
Nasdaq is trading up 15.50 at 1384.50. For today’s trade, on the upside, we have resistance between 1385 and 1389. If we get above this, we are going to look for 1400 with resistance between 1393 and 1395. Above 1400, we have yesterday afternoon’s high of 1405 and the session high of 1407.
On the support side, expect to see some support between 1378 and 1375, which was our key level yesterday. Below 1375, look for the market gap open to be filled at 1369. Beneath 1369, we expect a trade to and through yesterday’s low at 1357, targeting 1350.
As for the Dow, it defended 9000 on the first move down, rallied and then traded right back to under 9100.