Slow Morning Ahead
S&Ps are trading at unchanged at 1159.10, with an expected slow morning due to remarks at mid-day from Greenspan.
We need to get above 1163.50 for this market to start accelerating on the upside. On the way up we have 1161, a key area at 1162.50-1163.50, then 1164.50 and a major objective at 1166.50.
On the downside, most of the day’s trading range was spent between 1157 and 1154. This will be a key area for the downside. Important areas are 1157, 1155.50, a key area at 1154.50 and major support at 1153.
Nasdaq is trading down 1.50 at 1664.50. On the upside, 1665-1668 is our first trading zone. Above this trading zone, the upside comes into play. Below this trading zone, there is a downside bias. The target above 1668 is then 1681.
On the downside, below 1668-1665, the first stop we’re looking for is 1656. We have support between 1662.50 and 1660. Below that, we think it will be a quick move down to the 1656 level, with support found between 1657 and 1654.