Lower Opening
S&Ps are trading at 1144.30, down 1.00. We had a low overnight of 1138.30 and a high of 1148.80. We’re not expecting much of a trade today given the Thanksgiving holiday.
On the downside for today, we have 1140.50, 1139, 1138.50, which is a major area and just above the Globex low, and then another major area at 1135.50.
On the upside, we have 1146, 1148, 1150.50, and a band from 1152.50 to 1154. The major objective on the upside would be 1155.50 and if we made it above that level, 1158.
Nasdaq is trading down 4 points at 1551.50. The market was hit extremely hard yesterday on what began as profit-taking and accelerated into some pretty strong selling. For today, on the upside, look for resistance between 1559 and 1563. If we get above that, look for 1572. On the way to 1572, we have some resistance at 1566-67.
On the downside, below 1550, yesterday’s low of 1548 and the Globex low of 1546 should be some support. If we get below 1540, we think momentum will pick up once again to the downside and take us down to the 1515 level.