The Targets

With S&Ps at 1206.30, down 4.20 in the pre-market session, we gone have below our neutral zone at 1210.50. We would have to get above 1210.50 to return the short-term sentiment to neutral.

On the downside, we’re looking at support at 1203. Under that, we have a heavily supported area between 1200 and 1202.50. NASDAQ is trading at 1688.50 down 21. We are below yesterday’s low of 1694 and now quickly approaching the 1660 level, which would fill the gap from the July 11 close. Yesterday’s downside action was due mostly to the the comments by
(
AMAT |
Quote |
Chart |
News |
PowerRating)
. We have a neutral zone between 1685 and 1660.

Below 1660, we have a big support band between 1655 and 1638.

We have resistance between 1698 and 1710. If we can get above that, the first target is 1725. We have some resistance between 1719 and 1730.

As for the Dow, several stocks in this index have reported this morning, so we’ll see what impact if any that they have. Most were in line with expectations.