Waiting For Intel
Earnings season begins with earnings today from Intel
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PowerRating) being the most significant event.
This morning, S&Ps are trading at 1144, up 3.70 pts on moderate volume. For today, on the upside, we have resistance between 1145.50 and 1146.50. This includes yesterday’s high of 1146.30. If we can get above this, we are looking for 1152.
On the downside, if we cannot get above the 1145.50-1146.50 resistance, we expect a very choppy trade down to unchanged at 1140.30. On the way to 1140.30, we expect support between 1142.50 and 1141.80, and then 1140.80 down to 1140.20.
Nasdaq is trading at 1614, up 5 points. For today on the upside, we have resistance between 1617 and 1620. If we get above this, expect 1625-1630 to trade. Yesterday afternoon’s high was 1629. We view 1625-30 as a decision-making zone, and it should be very choppy, with both buyers and sellers active in this zone.
On the downside, if we are unable to get above our first resistance areas, we anticipate an early test of 1600. The key is going to be how the market trades below 1606. We have support between 1606 and 1604, and then 1601-1597.