Rollover Trade
S&Ps are trading at 1042.50, up 3.00 as the trade continues to be influenced by rollover activity with December the new front month.
On the upside, we have resistance at 1046, then 1050 and a key area at 1053.50. Yesterday’s high was 1051.80.
On the downside, we have support at 1039.50, and then 1036, and a major area of support between 1032.50 and 1034. Yesterday’s low was 1032.50.
Nasdaq is trading up 10 at 1243. Very disappointing day yesterday as once again the market was unable to sustain any buying at higher levels, and we sold off rather dramatically into the close. For today in the Nasdaq, we expect to find a band of support between 1235 and 1228. Encompassed in that is yesterday’s low at 1229. If we get through that, our 1200 target will be back in play.
On the upside, we have resistance between 1248 and 1252. If we get above this, expect a move to 1270. Along the way, 1261 to 1264 is resistance, and then we have a band of resistance between 1269 and 1276.
As for the Dow, it made a lower low than Monday and was unable to sustain trade above 9000 during the mid-point of yesterday’s session. We have support between 8759 and 8674.