Holiday Market
Look for low volume and the possibility of price spikes in stock index futures as most other markets are closed for Veterans Day. This morning, S&Ps are trading up 1.50 at 1125.
On the upside, the key area is going to be 1128. If we get above 1128, we think that we will make a move back toward Thursday’s high of 1137.50. On the way, we have resistance from 1130 to 1131, and we have a packet of resistance from 1133 to 1135.50.
On the downside, we have support between 1122 and 1119. This was essentially the final-hour range on Friday. If we get below this, we’re looking for 1115. Along the way, 1118 and 1116.50 are target points. We have support between 1116 and 1114.
Nasdaq is trading up 10 at 1527.50, just below Friday’s high of 1532. Today, 1525 is going to be our key on the upside. Above it, 1531 to 1535 is resistance. If we can get above 1535, we will begin to retrace some of the rather vicious sell-off from Thursday afternoon. The first target is 1555.
On the downside, support is between 1518 and 1515. If we get below that, look for 1510. Below 1510, we have support between 1507 and 1504. If we get below 1504, we’re going to look for the market to test Friday’s low of 1493 and our key support zone.