Little Headway
S&Ps were trading this morning at 1372, not far above the 1370 high made on Jan. 3 when the Fed made the surprise rate cut. Clearly, yesterday’s Fed action did little to spark the upside.
For today, on the upside, we have 1373, 1375, 1377, a small at 1379, and a major at 1380.50. We must get above 1380.50 to jumpstart the upside.
On the downside, we have 1370, a small at 1368, key area at 1365.50, 1363.50, 1360.50 and major support at 1359.50.
The NASDAQ was trading at 2607, down 4.00 points. The market had a pretty good sell-off into the bell yesterday, losing about 2.5% in the final hour.
For today, we have support at 2595 down to 2580. Under that, look for 2550. Keep in mind that 2548.50 was last Friday’s low. Today limit down comes in at 2546.
We have resistance between 2610 and 2630. If we can get above 2630, look for a move to 2675.
As for the Dow, the market closed yesterday up 6 points at 10,887. We like this market above 10,800, and we are looking for an eventual move back toward 11,400.