The Aftershock
S&Ps are 8.80 lower at 1063 in the aftermath of the US/UK strikes against Afghanistan. With every market except equities and agricultural commodities closed, it could be a light-volume today. However, given yesterday’s events, we could see some action in equities.
On the downside, we have 1061 and 1058. Below this we have 1053.30, 1050 and key support at 1048.50. On the upside, the first target is 1064.50, and above that 1068, which is major resistance. If we can get above this, we have 1072.50.
Nasdaq futures are trading down 22 at 1258.50. We have support between 1252 and 1248. Beneath this, our key level is going to be 1240, once again.
On the upside, expect resistance between 1265 and 1271. Above this, we’ll look for the market to fill today’s gap at 1280.50. If we get above 1280.50, Friday’s high of 1287 comes into play.
The Dow is still seeing money flows, especially into the non-tech related stocks, but the pace appears to be slowing.