No Surprises
No surprises in the GDP report, which was basically within the range of estimates. In the pre-market, S&Ps are trading at 1206.50, up 1.
On the upside, we have resistance at 1208.50, then yesterday’s high of 1209.50. We have a cluster between 1210.50 to 1215.
On the downside, we have 1205.50, and then 1201.50, 1199, 1198.50 and 1197.50. Key support will be at 1197.50-1199.50.
NASDAQ is trading at 1675 up 15.50. The first key number is 1720 on the upside. Above 1720, expect a choppy accelerating trade toward 1753. Along the way to 1720, 1695 to 1705 is resistance.
On the downside, we have a key area between 1665 and 1655. If this area breaks, we would expect a move back toward 1638. Along the way, 1642 to 1635 is support. Below this, the upside begins to get questionable, and we would expect another grinding trade to the 1610 level.
Dow closed yesterday at 10,455. We remain in the middle of a down channel until this market trades above 10,750.