More Than ‘Fair’
S&Ps were down 3.00 at 1355.50, which was still above fair value as we had a strong close yesterday.
On the downside, we have 1352, 1350.50, 1347.50, 1342.50 and a key area at 1341, followed by 1339.50 and a major area at 1338.50.
On the upside, we have 1356.50, 1360, 1363, a key at 1365-1366, 1369.50 and the famous 1370 — the high from the Fed rate-cut day.
NASDAQ was down 18 at 2665. We have support between 2655 and 2645. This zone is the afternoon low from yesterday. Under that, we’re looking for a move to 2620, which would take out yesterday’s low of 2623. However, limit down comes into play at 2621, so use that as the downside target.
We have resistance between 2685 to 2705. With any trading above 2705, watching for a very choppy attempt to the upside. Key areas will be 2715 and 2735. In order for this market to continue to the upside, we need to have an hourly close above 2735.