Shocked!
S&Ps are trading down 10.50 at 1074.50 on a shockingly weak Durable Goods report. On the upside today, we have 1077.50 to 1078, which was a heavily traded area. Above that we have 1080 and then key resistance at 1082.50-1083.
On the downside, we have 1072 to 1070, 1068, major support at 1063.50-1060, 1058, and then the ultimate support level at 1055.
Nasdaq is trading down 32.50 at 1391. On the support side, the first wave is between 1391 and 1387. Below this look for 1378. We have support between 1380 and 1377. If we get below 1377 we think there is a good chance for a move to the limit at 1363.50.
On the upside, between 1400 and 1430, here’s what we have: the first spot is going to be 1405-08. If we get above this look for a quick move to 1420. We have resistance between 1418 and 1421. We would expect the market to struggle around unchanged at 1423.50, and eventually, the longer we spend trading above 1410, the better it is for the upside.