Non-Event Reports
S&Ps moved higher briefly on the PPI and Retail Sales reports before the open this morning, then slipped back into negative territory. They are trading down 2.00 at 1259.50.
We’re opening just above our first major support between 1258.50 and yesterday’s low of 1257.50. There was pretty solid buying into the close yesterday at this area. Below this, we’re looking for a move to Wednesday’s low of 1250.60.
For the upside to improve, we have to get above 1266.50. Above that we have resistance at 1268 to 1271.50, which is the high from April 8. Then we get into the 1270s where we have solid resistance.
NASDAQ was trading up 10 at 1852.50. We have a band of support between 1835 and 1820. Last week’s low was 1824. If we take out last week’s low, limit down comes into play at 1800.5.
As for the upside, expect some resistance between 1870 and 1880. Above this, we have a neutral zone from 1890 to 1910.
The Dow held up the best of the major indices yesterday. Nevertheless, it settled off its highs and continued to remain bound under 11,000.