Waking Up
After one of the slowest days of the year in the market yesterday, we would expect activity to pick up today and the rest of the week. Among the economic reports this week that could spark some activity is Employment on Friday.
As for today, S&Ps are up 0.20 at 1209.90. If we get above 1210.50, the market should make a run to 1217 and then 1218.
On the downside, if we can’t get above a cluster at 1210.50 to 1212.50, we could see 1210, 1207.50, yesterday’s low of 1204, and then 1200-1199.
NASDAQ is up 9 points at 1691. Once again, 1720 is the key to the upside. Expect resistance between 1710 and 1720. Above 1720 we expect a choppy two-sided move to 1753.
On the downside, we should find support between 1680 and 1670. If we get through here, 1655 is the first target. We have support between 1662 and 1655.
As for the Dow, it remains in a neutral/bearish area until we get above 10,650 or below 10,250.