Hello, Intel
An earnings surprise from Intel and a bullish conference call brought S&Ps up 17.20 points at 1212.70 this morning.
On the upside, we have 1215, 1217, 1219, and a key at 1222.50. On the downside, we have 1210, 1205, 1203, 1201.50, and a key at 1197.50.
NASDAQ cash is expected to open somewhere around 70 points higher, which would probably lead to an open in the NASDAQ Futures of around 1755 to 1765.
We have resistance between 1750 all the way to 1785. Within that range, 1750 to 1755 is the first leg. The most important area of this whole leg will be between 1775 and 1780.
We have support between 1735 and 1725. Things should only get scary if they get back through limit at 1714.50. If we settle below 1720, we think this will be looked upon as a negative day for the bulls.
Keep in mind that IBM reports earnings after the stock market close today. The Dow had a very nice settlement yesterday over 10,200.