Trading Unchanged
S&Ps are trading at unchanged at 1096.50. If the market were to trade higher right off the bat this morning, key resistance is found in a range between 1099.50 and 1105. Specifically, if we get above 1097, we should go to Friday’s high of 1098.50 and begin to probe a resistance zone that stretches from 1099.50 to 1105.
On the downside, below 1095, we should begin to probe the downside with a target of 1089. Along the way to 1089, we have support between 1093 and 1092.50, and then 1090.20 to 1088.50.
Nasdaq is trading down 2 points at 1452. On the upside, the first spot of resistance is 1459 to 1462. Above that, we have a larger patch of resistance between 1466 and 1470. If the market gets above 1470, there is a very good chance for a move to 1490.
On the downside, if the market cannot get over our first resistance zone, support comes in between 1451 and 1447. Below this, 1438 should trade. Minor support is between 1439 and 1438. If we get below 1438, the market sets up for a retracement move toward the 1423 level.