Looking For A Pause
After last week’s decline, we’re looking for a pause — that is unless the bearish sentiment just overwhelms everything.
S&Ps are up 4.00 at 1197.80. For this market to get to neutral and stop the downside slide, we have to get to 1206.50. On the upside, our targets are 1200, 1203, and then 1206.50.
On the downside, we have 1196.50, which is a key area. If we can’t stay above that, the target becomes 1194.50 and then 1190. The low Friday was 1193.
NASDAQ is trading up 13 at 1696.50. We have support of the most critical kind between 1670 and 1660. We have been targeting 1650 for a long time, and we anticipate that to trade quickly if we go below 1660.
On the upside, the first is we have to get above 1710. We have a resistance zone between 1700 and 1710. If we get above this, look for 1730.
The Dow is coming to a very critical area not seen since April, and that is below 10,250.