Overbought?
The question for the day is whether the S&P futures are overbought in the short-term.
S&Ps are down 1.20 at 1224. The overnight range was very narrow at 1221.30 to 1224.75. On the upside, we have Friday’s high at 1225.90, and above that we have 1228, 1231.50 and a key objective at 1232.50.
On the downside, we have support at 1218.50 and key support at 1216.50 and then major support at 1213.50.
NASDAQ is trading down 7.50 at 1758. The first support area is 1745, which is key. Below this we have 1730 to 1720, which should prove to be good support. Friday’s low was 1735.
On the upside, 1767 to 1775 is resistance. If we get above that 1790 is important resistance, with a key area at 1790 to 1800. 1796 was Friday’s high.
Dow is still targeting a move to 10,750, as long as we stay above 10,400.