IBM Blast
The earnings outlook from
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PowerRating) helped boost this market higher, with S&Ps trading up 12.00 pts at 1111.50 this morning.
On the upside today, our first target is 1112.50 and above that 1114.50, which was the Globex high.
On the downside, we have 1109, 1108, 1105, which was yesterday’s high, 1102.50 and a cluster between 1102.50 and 1099.50.
Nasdaq is trading up 35.00 at 1446.50. On the upside, we have a resistance zone between 1450 and 1464. We would expect plenty of two-sided trading in this zone. If we get above it, we’re looking for 1478. On the way, 1471 to 1473 is resistance.
On the downside, the first key support area should be 1435 to 1430. If we get lower than this, look for 1420. Support is 1425 to 1423.
As for the Dow, it continues to see consolidation at higher levels. We’ll see where we go from here.