Looking At The Targets
S&Ps are trading down 0.50 at 1074.10 this morning, with an upside target at 1082.50 to 1083. We need to get above and stay above this level for the upside momentum to continue.
On the way to 1082.50-1083, we have resistance at 1075.50 and 1077. Above 1083 we have resistance at 1084.50 and then 1088.
On the downside, we have support at 1074.5, 1071, key support at 1068.50, then 1064, and major support at 1062.50.
Nasdaq is down 11.50 at 1253. That is just above yesterday’s low of 1248, and substantially off yesterday’s high of 1320. On the support side, we have 1255 and 1250. Below this, we would look for 1240 to trade. We view 1240 as a key area and would look for the market to spend time trading around the 1240 level.
On the upside, we have short-term resistance between 1261 and 1266. If we get over that, 1273 to 1276 becomes a key area. Above this, we need to see a 30-minute close above the 1280 level. If that occurs, we would expect the upside to continue. Key resistance is between 1290 and 1296.
The Dow had a minor down day yesterday. If we were able to close the week out above 9000 that will be viewed as a good note.