Lower Opening
S&Ps are down 5.40 at 1118. We need to stay above 1117 for the upside to have any chance, and then rally above 1120 for the upside to take hold.
On the downside, we have key support at 1114.50 and major support at 1112.50. Below this, we have minor support at 1110.50 followed by 1107.
Nasdaq is trading down 18.00 at 1517. That is the same price as Friday’s low. For today’s trade, our first resistance area is 1526-1530. If we can hold above this zone, the upside begins to look a little bit better. However, there is still plenty of scale-up resistance.
On the downside, the first key support area is 1518 to 1515. If we get below 1515, we expect some acceleration toward 1505. At 1505, things should become a little more interesting. The odds then shift for a move to 1492.
As for the Dow, the market right now is consolidating below 10,000. For the upside to begin to continue to take effect, we’re going to need a settlement above 10,000, and we’re going to need to see buying a higher levels.