It’s the END
It’s the end of the quarter, that is, and a very nasty quarter at that. This morning, S&Ps are trading at 1165.20, higher by 3.70 points. If we open at these levels, it will be 17 points above cash, which is more than double fair value. As this is the end of the quarter, we would expect it to be a very choppy and light-volume trade.
The key level of resistance again will be 1168 to 1171.50. Above 1171.50, look for 1180.
We have support between 1161 and 1158. Below this we should trade to 1150.
NASDAQ: another day, another new contract low. We have support between 1590 and 1575. Under that, yesterday’s low comes in at 1558. We did a fair amount of trading between 1570 and 1560; we would expect that zone to trade again.
On the upside, we have resistance between 1600 and 1620. If we can get above this, we target 1650. We have resistance between 1645 and 1655, which is critical.
As for the Dow, a very volatile session yesterday with a 200-point range in the cash and settling up 13 points. We anticipate more volatility today.