Rollover On The Horizon
S&Ps are trading at 1151.40, down 380 and 600 pts below cash. We are slowly edging toward rollover, which begins full throttle next week.
On the upside today we’re looking at 1153.50, 1155, 1158 and 1160. On the downside, we have 1148.50, yesterday’s low of 1146.50, and below that 1142.50, 1140, and 1136.50, which was Friday’s low.
Nasdaq is trading down 800 at 1610. Also below cash by 900 pts. For today, on the upside we have a first resistance area at 1619 to 1623, the same as yesterday. Above this, look for a quick move to 1630, with a cluster between 1629 and 1633.
On the downside, the first leg of support will be between 1607 and 1599. If this fails to hold, we will look for 1580. That is below yesterday’s low of 1582. Along the way, 1593 to 1590 is support.