Hello, Cisco
Positive indications of orders from Cisco helped to propel this market in the overnight Globex session. This morning, we are trading at 1092.10, up 3.10, which puts us right below a key area of resistance at 1093.
Above this level, we need to get above and stay above 1095 for some of the downside pressure to subside. If we can get above this, we have a major resistance/objective at 1097.50.
On the downside, we have 1091.70, 1088.50, 1084 and yesterday’s low of 1082, which will be key support.
Nasdaq is trading up 25 points at 1487. On the upside today, minor resistance is between 1492-1495, above which yesterday’s high of 1502 and our increased resistance of 1501-1505 come into play. Essentially, we view 1501 to 1515 as a critical resistance zone.
On the support side, we’re looking for 1481-1477 as minor support. Below 1477, we’re going to look for a move to 1465. We have support between 1468 and 1465. Unchanged today is 1462.