Trading Higher
The stock index futures markets were trading strongly higher today, and how we settle today will be critical for our next leg. This morning, S&Ps were up 10.00 at 1160.20, which places us well above fair value.
We have a critical area between 1157.50 and 1158.50. Yesterday’s high was 1155. On the upside, we have a critical area at 1162, and then the zone between 1168 and 1170.50.
On the downside, our levels are 1154, 1150, and a key at 1148.50.
NASDAQ is up 35.00 at 1535, and has been limit up for most of the morning. If we open here, we will be above our key resistance zone between 1507 and 1517. As long as we hold this zone, we should make a run to 1565.
On the support side, if we fail below our key zone — 1500 to 1517 — it would be very negative, and we would look for a trade to 1470.