Give Me A “U”…
September — or “U” — is now the front month for the futures contracts. This morning, SPU was trading down 4.25 at 1280.
We are opening within key support between 1281 and 1279.10. This also encompasses yesterday’s low of 1279.50. Below this support zone, the target is 1268. We have some support between 1275 and 1272.50, and then a key support zone between 1268 and 1267.50.
On the upside, our key level is going to be around unchanged in the S&Ps, at 1284.20. As long as we can hold above this for the first hour of trading, we should take out yesterday’s high and test the 1290 area. We have resistance between 1290.50 and 1291.50.
Over the next couple of days we’re in a transition period. So, for NASDAQ, we’re going to rely on cash a lot more. On the support side, referring to NASDAQ cash, we have 1900 to 1890. Yesterday’s low was 1890.50. Below that, we have support between 1870 and 1860; 1869.98 was Monday’s high.
On the upside, we have resistance from 1915 to 1920. Above this, we have 1930 to 1945. Tuesday’s high is 1937.94, and 1945.94 is Wednesday’s high.
Despite closing near the low at 11,063, the Dow did obviously hold the 11,000 level yesterday — even with the negative
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