It’s Beginning To Look A Lot Like…
We may be approaching Christmas on the calendar, but as far as the equity futures markets are concerned, it’s beginning to look a lot like March. Today we rollover to March, which becomes the front month.
At 6:15 a.m. this morning, S&Ps were unchanged on Globex. Then Motorola announced a reduction in its revenue estimate by about 5%, which negatively affected the stocks in that sector. S&Ps then went down 12.00, putting March around 1350.
Since we are rolling to March, it will take at least two to three days for all the technical levels to line up. The volume is still distributed between December and March. That will affect the volatility in the March.
That being the case, on the upside (for March S&Ps) we have 1358, 1360, 1362.50, a major at 1364.50, another key number at 1366.50, 1371, and a major at 1373.
On the downside, we have 1350, which would fill the gap from Tuesday, then 1347, a key at 1346, 1341.50, another key at 1336.50, 1332.50, 1331 and a major area at 1326.50.
NASDAQ March futures are trading at 2731, down 39. On the support side, we have 2709, 2695 and 2668. On the upside, we have resistance coming in at 2779, 2805 and a key number at 2836.