Major Levels
S&Ps are facing some major levels to the downside, which will play key roles in this morning’s trade. This morning, S&Ps are trading down 4.20 at 1308.60, which is below yesterday’s low.
For the market to make some headway on the upside, we have to get above 1310 and stay above it.
On the downside, our first level is 1307.50, and then a key level at 1305.50. If get below that, the next level is 1303.50, which would be major support.
NASDAQ is trading at 2030 off 1650 points. For today’s trade, we have support between 2035 and 2025. Contained in this zone is yesterday’s low of 2028.50. If we get below this, look for a move down toward 2005.
Resistance-wise, we saw a two-sided trade between 2040 and 2055. If we can get above this, look for a grind higher toward yesterday’s high of 2076.
The Dow gave a little of its “out-sized” gains back yesterday, down 80 points. The same areas of resistance apply — 11,366 to 11,425.