In The Thick Of Things
S&Ps are trading up 1.00 at 1137.50, just below a heavily traded area between 1138 and 1142. On the upside, if we can trade above the neutral zone, we’re targeting a move to 1146 where we have resistance between 1145 and 1146. Above this, the target becomes 1150.
On the downside, if we are unable to hold the neutral zone, the first target is yesterday’s low at 1133.50, and then our main objective from yesterday at 1130. If this market is unable to hold the 1130 area, our target is last week’s low at 1125.
Nasdaq is trading up 8.00 at 1663.50. On the upside, our key point on the upside is 1667. If we can get a 15-minute close above that, we’re targeting a move to 1685. We have resistance between 1669 and 1674, and 1682 to 1685.
On the support side, our pivot to the downside is 1661. Below that we think we should get a retest of yesterdy’s low area at 1652 to 1650.