In The Key
S&Ps are up 800 pts at 1030.50, which puts us in a key area of 1031.50 to 1032.50.
We have major resistance at 1037.50, and then 1039.50 and 1043.50. On the downside, we’re looking at 1028 and 1025. Yesterday’s high was 1023 and Wednesday’s high was 1021. Below this we have a zone, where we’ve seen a lot of consolidation trade at 1018 to 1015.
Nasdaq is up 17.50 at 1165.50. On the upside, 1167 is our first key number, above which 1175 becomes the target. We have resistance between 1171 and 1179. If we get above this resistance zone, we’re looking for a move to 1198.50.
On the support side, we have a key band from 1155 and 1146. If this is broken, look for 1133. Along the way, 1141 to 1139 is support, and then we have scale-down support from 1137 to 1132.
The Dow continues to move higher. We continue to feel that 8750 will be a key area.