In Neutral
S&P futures are in neutral this morning, trading down 6.00 at 1342.50. We have a neutral-to-bullish zone that extends from 1345 to 1353.50, and inside this zone expect a choppy uptrend.
Above this, the first target is 1362.50. We have some resistance between 1361 and 1365. As long as we can trade at these levels, we would expect a retest of Friday’s high area between 1369 and 1370.
Below this neutral zone, the first key area is going to be 1337 to 1335. Along the way, expect some light support between 1340 and 1339.50. If we get below the 1337-1335 zone, look for a probable trade down to the low 1320s. Our first support will be between 1331 and 1329.50, and under that, 1325 to 1322.
In general, we would definitely be surprised if we had a wide range today. In fact, we’d be surprised if there are any significant moves today.
NASDAQ was trading down 28 handles at 2658.50. We have key support between 2650 and 2630. If we were to fall below this, look for a trade to 2570. Along the way, we have support between 2605 and 2595. If we were to fall below 2570, 2550 should stem any further selling.
We have resistance between 2690 and 2710. Above that, look for 2730. If we get above this level, we should make a play for Friday’s high of 2760 and 2765.