Key Area At The Opening
S&Ps are trading up 3.20 at 1166.50. We have a key area right at the opening range at 1164.50 at 1165.50. Above that is 1167.50, followed by 1170.
On the downside under the 1164.50-1165.50 pivotal area, we have support at 1161.50, 1158.50 and a key area at 1157. Yesterday’s low was 1158.10.
Nasdaq is trading at 1695, up 22.50 and right smack in our key area between 1695 and 1708. Within that range, 1700 to 1702 is critical, and then 1705 to 1708. The high of this move is 1705, and 1700 was Monday’s high.
On the downside, if we again cannot spend time trading in our key area between 1695 and 1708, the first stop should be 1678. On the way, we have support between 1687 and 1684, which was yesterday’s high.
The Dow settled at 10,150. It actually held up surprisingly well given the banking issues yesterday and their overall decline.