Key Levels
Meeting stiff resistance at the 841-area, it now appears that 835 is the support area for S&Ps. If they can hold that level, then much of the uptrend is still intact, with targets again at the 840-841 level. Above that, as mentioned in the Morning Meeting, we would expect the entire area from 850 to 853.50 to be critical resistance.
On the downside, if S&Ps go below 836, we would look for a test of 833-832.50, and then 831.
Nasdaq, meanwhile, is not holding up as well as S&Ps. If the Semiconductors lose ground, we would look for downside targets in the Nasdaq futures at 1031, 1030-1029.50, and then 1027. On the upside, above 1041.50 the outlook improves and should attract buyers.