These Are The Levels I’m Watching
At mid-day, the key support number for S&P futures is 906.50. If we stay above that area, the rally will most likely continue. Above this, as mentioned in the Morning Meeting, we have targets at 912-913, then 914-914.50.
The trade has slowed significantly, however, and we would not expect any significant moves until after the lunch hour. On the downside, we have a target at 903.50-903 and then 901-900.
The key support level for Nasdaq is 1040. The longer we stay above this area, the more likely we’ll move to 1055-1056. If we drop to 1035, we will most likely trade below 1030.