Stuck In A Range
S&Ps are down 3.00 at 1141.50,and could very well trade in an early morning range of a high of 1145 and a low of 1138.
On the downside, we have 1140, 1138, which is going to be a key level, 1135, and 1132.50. On the upside, we have 1143, yesterday’s high of 1145, and then a band between 1149.50 to 1152.50. The 1152.50 level will be major resistance.
Nasdaq is trading down 5 at 1600. For today’s trade, on the upside, we have resistance between 1605 and 1610. If we can get above 1610, we anticipate a two-way trade up to 1625.
On the downside, the support side is going to be very big, essentially a packet from 1590 all the way down to 1565. Within that packet of support, some points are 1586 to 1585, 1578 to 1577, 1570 to 1569.
The Dow saw some strong late-session buying on the heels of some news. That put us right back in the 9800-9850 zone on settlement.