Re-Crossing 8,000
With the Dow crossing the 8,000 mark at the start of the lunchtime trade, the question remains whether the upside has a chance this afternoon. S&Ps meanwhile have been trying to stay above the 845.50 – 846.50 opening range.
As we said in the Morning Meeting, the 850 level is critical. Yesterday, once the market went below 849.50 to 850.50, we were unable to get back above it, and then put in our lows of the day.
In the Nasdaq futures,
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PowerRating) and
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PowerRating) have led this market to a retest of the highs. Nasdaq futures need to get a 30-minute close above our first key resistance area between 884 – 885 to force more aggressive short covering.