Lower Still
S&Ps are trading 8.70 lower at 1094.50, which is a key area of support, after this market moved significantly lower on the release of the Employment Report.
On the downside, we’re looking for 1091.50, 1087.50, 1083 and 1080.
On the upside, our first target is 1096, followed 1098.50 and then 1101.50.
Nasdaq is trading down 16 at 1346.50. It will be critical to see how the Semiconductor stocks react to Intel’s mid-quarter update yesterday.
On the support side for today, the first area should be 1344 to 1338. If we get below this look for a move to 1320. Along the way, 1331 to 1329 is support, and 1322 to 1318 is support. If we accelerate through this, there is a very good chance for a trade to 1298, with support between 1305 and 1295.
On the upside, the first key area is 1348 to 1352. If we can get moving above this, we have resistance between 1357 and 1361. Above here there is a very good chance for a reversal trade and a move to 1388. Along the way, the first target is 1370.
As for the Dow, judging from the open it looks like the 9750 target will be met. Below this we expect to see support between 9700 and 9650.