Still Going Lower
S&Ps were trading 16.50 lower at 1227 as pressure continues to be put on this market, including from a disatrous warning from Oracle.
Below this, we have 1225.50, 1223.50, then 1219.50 and yesterday’s low of 1216.
On the upside, the key area is going to be 1233. We have to get above back above this level to alleviate some of the downside pressure. Between 1232 and 1236 is going to be a very difficult area to get back above.
NASDAQ was limit-down at 1895 on the heels of the Oracle warning. On the support side, under limit-down, we have basically 1875 down to 1840. Double limit-down today comes in at 1830.
Resistance is between 1920 and 1940. Above that, look for a move to yesterday’s high of 1973. We have resistance between 1965 and 1988.
As for the Dow, we’re still neutral.