Scramble At The Opening
S&P futures are set for a volatile opening given the fact that, at the current level of 1128, we are 11.00 points below cash. This is all on the heels of
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On the downside below 1128, the weekly low comes in at 1124.70, which was put in on the settle Wednesday afternoon. On the upside, we are looking at 1130, 1133, and then a range between 1135 to 1138, in which, this trade has spent a lot of time.
Nasdaq is trading down 25 points at 1568, which is below yesterday’s low of 1572. For today on the upside, the first patch of resistance will be 1571-75. If we get above that, look for a very choppy order-driven trade toward the 1595 level. We do feel that this zone up to 1595 will be very choppy, very spike-oriented in the price action.
On the downside, 1578-1580 is going to be an area in which we expect sellers to come into the market. The longer we stay underneath that zone, the more likely it is for 1550.