Month’s End
A strong start to the finish of the month, with S&Ps trading up 7.80 at 1067 on the heels of the GDP report.
On the upside, the first target is 1069.50, which was yesterday afternoon’s high, and above that we have yesterday’s high at 1071 and then 1073, which would fill the gap from yesterday’s open.
On the downside, we have 1063-1062.50, 1059.50, key support at 1056-55, and then yesterday’s low of 1053.50.
Nasdaq is trading at 1374, up 29, which is above yesterday’s high. Above 1375, we’re looking for a retest of the 1400 area. Along the way, 1380-83 is critical resistance, and above that, we should move to the 1390-92 zone. Above 1392 expect a very choppy two-way trade to 1400.
On the downside, we expect light support at the following levels: 1363-60, 1355-52 and 1348-45, which would fill the gap from yesterday.
As for the Dow, this market is still holding above 9000 as it consolidates here at the end of the month.
Remember, early close at 3:05 p.m. Central for Nasdaq and S&P futures today due to the end of the month.