Higher, But Can It Hold?
S&Ps are up 12.20 points at 1233.60 this morning, on some good news from Intel
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PowerRating) regarding second-half demand.
For today, the first key area on the support side is 1231.50 to 1229.50. If this support zone holds, we anticipate a move through our most recent high of 1240.80.
Along the way to this area, we view 1235 to 1236.50 as resistance. Above that, we expect a choppy two-way trade to 1241.50.
On the downside, if we get below the 1231.50 to the 1229.50 support zone, we’re looking for a trade to 1224. Along the way, 1227.50 is our high for the last two sessions. A heavily traded area is also between 1225 and 1224, which should provide support.
NASDAQ is trading at 1767, up 28.50, and above our critical 1753 level. For the upside to maintain, we now need an hourly or session close above 1753. Above 1753, we target a move to 1790.
On the downside, the first level of support is 1755 to 1745. Again, if we do not get an hourly close above 1753, we think the downside has potential, and we would look for a first target of 1720. Along the way, we have good support all the way down to 1732 and 1725.
As for the Dow, we continue to rate this market neutral/bearish until we get a close above 10,650.