Profit-Taking
S&Ps are trading at 1121.00, down 2.40. On the downside, we have 1120, then we have a cluster between 1118 and 1115.50. Also, between 1120 to 1115.50 has been a heavily traded area with substantial tick volume. Under that, we have 1113.50, and key support at 1112.50.
On the upside, we are looking at 1121, 1123.50, 1125.50 and 1128, which will be key resistance.
Nasdaq is trading at 1515.50, down 3.50 after the Semiconductor Index
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PowerRating) was down sharply on profit-taking. For today, on the upside, the first big area of resistance will be the area between 1528 to 1531. If it can get above this area, it should move to yesterday morning’s trading area between 1538 to 1541.
On the downside, below unchanged at 1519, we have support at 1512 to 1510. We have huge support between 1498 and 1489. Below that, we have support at 1486 to 1484. If we get below this area, we should look to begin to fill the small gap from Wednesday’s open at 1478 to 1470.
The Dow traded above its 50% retracement level, from its May high to its September low, at 9701. However, it was unable to sustain a trade above 9700, and closed the day 150 points off the high.