Non-Event
PPI and Retail Sales were released this morning, which were basically non-events as far as the market was concerned. More important to this market are the earnings reports that continue.
Currently, S&Ps are at 1170.70, on the lows of the Globex session, down 250. On the upside, we have resistance around 1173, then 1176.50, 1179, and a key area at 1182.
On the downside, we’re back to 1169.50, a key area, then 1168.50, a major area. Yesterday’s low was 1166.50. The downside pressure increases with sustained trading under 1168.
NASDAQ is trading at 1648, down 10.00 points. For today, we have a neutral zone that extends from 1655 to 1640. Below this level, we expect yesterday’s lows to be taken out, and to challenge the gap left over from Tuesday at 1611.
Above our neutral zone, we have resistance between 1665 and 1670. If we get above this, look for 1690.
The Dow held onto its closing above 10,000, settling just a few points above it yesterday. The Dow was negatively impacted as money was taken out of Cyclicals and Drug Stocks and put back into Techs.
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