Pressure
S&P futures are facing downward pressure as long as this market trades below 1308.50. This morning, S&Ps were trading down 5.80 at 1303.70.
We have a key area between 1303 and 1305. Above that, we have 1308.50, 1312.50, 1317.50, 1320.50, 1322.50 and then yesterday’s high at 1325.50. On the way down, we have 1303, 1300, 1297, a key area at 1295.50, 1293, 1290.50 and another major area at 1288.50.
NASDAQ was trading at 2288, off 38.00 points, which is significantly below cash, which settled at 2311 yesterday. Cisco
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PowerRating) was downgraded and called to open about $1.50 lower. Limit down comes in at 2261, which is right in our first support zone between 2266 and 2250.
If we fail here, look for a move to 2210. We have critical support between 2210 and 2190. That would also encompass double limit down.
On the upside, the first key level is 2295 to 2305. If we can get above this, it should ease the short-term pressure and target a move to 2350. The critical zone on the upside is 2350-2365. If we can get above it, the upside looks that much better.
The Dow still rated neutral. This market needs to get above 10,800 or below 10,400.