Looking for Follow Through
Today, we’ll see if the market can follow through on yesterday afternoon’s rally, or if the validity of that rally will be challenged.
This morning before the open, S&Ps were trading up 2.50 at 1266.80. This is right at our first key level of 1266 to 1267. We must hold above this level to expand on yesterday afternoon’s rally. Above this level, we have resistance between 1270 and 1272, with 1272 being yesterday’s high.
On the downside, if the first support zone can’t be held, we’re looking for a retracement back to the 1255 area. We have support between 1260.50 and 1259, and then 1255 to 1254.
NASDAQ was trading up 23 at 1885. On the upside, we have resistance at 1890 to 1910. If they get above this, they should go and fill the gap from the 8th at 1923.50.
On the downside, we have support between 1875 and 1865, with yesterday’s settle at 1862. Below this, we have support at 1840 to 1830.
The Dow closed at unchanged, and we were unable to trade above the 11,000 mark. It remains in the neutral zone.