Intel Aftermath
Before the opening this morning, S&P futures were trading down 7.80 pts at 1141.20 in the wake of Intel’s
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PowerRating) earnings.
Be careful about being short if we cannot sustain trading under the year low between 1136-1137. On the upside, we have a pivotal area at 1144.
On the downside, we have 1140, and then a major area of support between 1138 to 1135, which encompasses the low of the year of 1136.50.
Nasdaq was trading down 32.50 at 1592.50 before the opening. The low of the Globex session is 1588.50. For today, we are opening at the bottom end of our critical zone, which we’ve been trading in for three days now, between 1612 and 1589. How we act down here is going to be critical.
If we get below 1589, the first stop should be 1578. Stopping points along the way will be 1585 and 1582.
On the upside, above 1600, we expect a very choppy trade to 1610. The key will be if we can hold any subsequent test of 1595.