Watch Out!
What to expect trading today: wide markets, bad fills, panic, plenty of volatility, and lots of talk and rumors about the Fed making a cut.
This morning, S&Ps were locked limit down at 1177.50. NASDAQ is also locked limit down at 1741.50.
Could this be the spike down that’s need to spark a rally? It’s a possibility.
For this morning, the downside, beneath limit down, the S&Ps should have some support between 1170 and 1168. If we get below that, look for 1160. We have a band of support between 1160 and 1155.
On the upside, yesterday’s low was 1184. We would expect resistance between 1184 and 1187. If the market can get above 1193, we think there’s an excellent chance for a recovery. Now the recovery would be a possible filling of the gap as we settled at 1209.50.
NASDAQ is expected to open limit down. We have support between 1715 to 1695. If we get below this, 1650 is the target. Double limit down today is 1676.50.
Resistance is between 1750 and 1765. Above 1765, look for 1800. We have resistance between 1790 and 1805.
Based on the futures, the Dow Cash should open very close to 10,000. It will be extremely interesting to see how the market handles this.