Is It Over?
S&Ps are trading up 3.00 at 1079.50 this morning. On the upside, we have 1080.50, then a key area at 1082.50 and 1085, which is the big target to get over for the upward trend to have a chance of continuing.
On the downside, we have 1078 and 1073.50. Remember 1075.50 was yesterday’s low, then 1072 and 1070. Below this we have a key and critical area with a cluster of support from 1065.50 to 1061.50.
Nasdaq is up 15.50 at 1323.50, just above fair value. On the support side, we have 1305 and 1302. Below this, look for 1278. Support and target points along the way are 1293, 1289 to 1287, and then 1280 to 1277.
On the upside, we have resistance where the market will open: between 1320 and 1331. This was a heavily traded zone for the last 30 minutes yesterday. Above 1331, we have 1341. Again, expect a choppy trade to that level.
As for the Dow, the market is still holding well above the 9000 levels. Some components reported early this morning. Earnings are pretty much in line.