Warning…Warning
A slew of earnings warnings have hit the market, taking it lower, while we’ll have only a half-day of pre-holiday action in the stock index futures markets.
Currently, S&Ps are at 1243, down 3.00 points. On the upside, if we can sustain trading above 1243 today, we have a chance to fill the gap at 1252.80. Along the way, we have 1245.50, yesterday’s high of 1248, a key area at 1249.50, and then 1250.50.
On the downside, we have support at 1241.50, 1240.50 and 1239.50. If we break below this level, we have support at 1235.50.
NASDAQ is trading down about 14.00 points at 1828. We are currently trading below yesterday’s low of 1830. Below this we have small support from 1825 to 1820. If we get through that, we should make a move to 1798.
On the upside, the key area is between 1845 and 1850. We need to get above and hold above this area for the upside to look better. Above that we have a cluster between 1870 and 1885.