Through The Floor
S&Ps are down 1270 points at 1071 this morning, and are poised to open below the March lows. On the downside, we have major support at 1068.50. If we get below that, we have support at 1065.50 and then 1061.
On the upside, we have the first resistance at 1072.50, then 1075.50, 1078, and 1081.
Nasdaq is down 1000 pts at 1343.50. For today, we have support between 1333 and 1329. Below this, look for 1320.
We have a band of support between 1322 and 1318.
On the upside, the first area of resistance is 1349-1352. If we get above that, look for 1364 to trade. We have a resistance zone between 1361 and 1367. Above this, we will look for a retest of Friday afternoon’s high around the 1388-level.
As for the Dow, it had its second lowest close of the year on Friday. With how the markets are poised to open, we should open around the 9500-level, which is basically our low close for the year.