Trading Lower
S&Ps were in negative territory this morning after a brief bounce to unchanged after PPI was released. In the pre-opening, S&Ps were down 5.20 at 1247.60.
On the downside, our low of the week comes in at 1245.20, made on Tuesday. We have some small support between 1241 and 1239.50. If the market is unable to hold this area, we’re looking for a trade down to 1230.
On the upside, in order for the upside outlook to improve, we need to trade and hold above 1255. On the way there, we have some resistance between 1250.80 and 1252.80. Above 1255, the next critical area comes in at 1259.
The NASDAQ was trading at 1782, down 26.00. On the support side, we are trading below our weekly low at 1795 and our big neutral/support zone at 1820 to 1790. Below this, in the NASDAQ CASH we have key support at 1770 to 1760.
On the upside, (BASED ON NASDAQ FUTURES) we have resistance at 1830 to 1840, and then light resistance from 1845 to 1850.
The Dow now appears closing in on our 10,750 target