Good Earnings News
Good earnings news from Checkpoint has helped to boost the market this morning, with S&Ps trading up 6.30 at 1221.30.
We are opening up in a critical area from 1220 to 1222. If we can sustain this level, we have a chance of going after last week’s high of 1231.40. Along the way, we’ll have resistance at 1222, 1223.50 and 1226.
On the downside, below 1217, we have 1214, 1210, 1207 and a band of support from 1204.50 to 1201.50.
NASDAQ is up 29 at 1712.50. We are 10 points above Friday’s high and just below our first resistance area from 1715 and 1725. At 1724.50, we would fill Friday’s open gap. If we get a 30-minute close above 1725, it targets a move back to 1750. We have resistance from 1745 to 1755.
On the downside, our first support area is 1705 to 1695. This encompasses Friday’s high of 1702. Then we have a big neutral zone between 1690 and 1675.
The Dow is pushing up against an important downward trend line. If it can close above 10,759, it will likely move to 10,975. If it fails, however, it should move back to 10,400.