Trading Lower
S&Ps are down 1050 points at 1253 this morning. We have support at 1250.50, 1248 and 1245.50. On the upside we have 1254, 1257, 1261.50, and the area from 1262.50 to 1263, which encompasses yesterday’s close and Monday’s low.
NASDAQ is limit down, off 42 at 1950, on some concern over CSCO (which yesterday boosted the market). Below limit down we have support between 1890 and 1885, and then 1875 to 1865. Double limit down is 1857.50.
Resistance is between 1900 and 1910. Above that 1925 to 1935 will be the next band. Any trading above this should lead to 1960, which was Monday’s high – and definitely be looked upon as a bullish signal.
The Dow is trying to consolidate. However, one must be getting a bit concerned with the failure to get through 11,000.
Volume is thin overall. The market is clearly preoccupied by Friday’s PPI report and next week’s FOMC meeting.