In The Cluster
S&Ps are down 9.50 at 1046 this morning in a cluster of support from 1042.50 to 1046. If this holds, we have resistance at 1047, 1050, major resistance at 1052-53, then 1058.50 and an ultimate upside target at 1063.
On the downside, below 1042.50, we have 1039.50, then a key cluster of support from 1037.50 and 1035.50.
Nasdaq is trading down 15.50 at 1148. This certainly is not the market where the action has been. For today, we have resistance between 1153 and 1157, above which, look for a move to 1168. If we can get above 1168, look for a trade up to 1180.
On the support side, the key area is going to be about where we’ll open and yesterday’s low of 1146. Beneath this, we’ll look for our weekly low to be exceeded at 1136. We have support between 1140 and 1135. Under 1135, the first stop should be 1125, followed by a move to 1117.
The Dow settled just under 9000. Once again, this is where the money has flowed, and it will be interesting to see if we can do it again in the final hour.