Resistance
S&Ps are currently trading down 5.30 pts at 1148.80 on weakness overseas.
For today, on the support side, we have scale-down support between 1147 and 1145.50. If we get below this, we’re going to look for yesterday’s low to trade at 1140.70. However, we do not anticipate that it will be a fast move down. The key area should be between 1143.50 and 1142.
On the upside, we need to get above 1155.50, and once we do, our 1160 target should be met. We have light resistance between 1159 and 1160.50, and above that at 1163.50.
Nasdaq is down 15 at 1613. On the upside, expect resistance between 1618 and 1630. That’s a broad area that encompasses the strong buying in the last five minutes of trading. We would expect a very choppy, two-way trade in this zone. However, if we can get above it, the rally should continue and we would look for 1655.
On the downside, if the resistance at 1618-1630 holds, we anticipate more retracement with a move back toward 1600. Along the way, 1606-05 is support, and then 1601-1598.