Right In The Middle
S&Ps are trading around unchanged at 1180.50, which is right in a key support area of 1179 to 1181.
If we get a 30-minute close below the 1179 support level, we’re looking for 1170 to trade. We have support at 1176.50, 1173 and critical support between 1171.50 and 1168.
On the upside, the first area of resistance is 1183.50, and then we have a key area from 1184.50 to 1185.50. Above that, we have a resistance zone between 1188.50 and 1191.
Nasdaq is trading down 3.00 at 1581. We will be opening just above our key support between 1580 and 1572. Below here we have some light support between 1564 and 1558.
For this market to gain upside momentum, we’d have to trade and hold above the resistance area at 1595-1605. Yesterday’s high was 1607. We would then target a move to 1628.
Overall, yesterday we saw a quiet, pre-holiday trade. There is little reason to expect anything different today.