Whoa! GDP
With a stronger than expected GDP reading, S&Ps are up 1200 points at 1252.50. We’re opening at a critical level at 1252, which will be key to the morning’s movement.
On the upside, we have 1254, 1256, and there is a gap from 1257 to 1258.50. On the downside, under 1246, we have 1243, 1237 and an open gap at 1232 to 1237.
NASDAQ is currently limit up at 1816 on the heels of the GDP report. This is in the middle of a resistance zone from 1810 and 1825. In this area, 1820 to 1825 is the most critical band. If we can get above this and hold, things look good.
On the support side, we really don’t have support until we get down to 1780. Between 1780 and 1790 should be a neutral zone, and then between 1780 and 1770 is support.
Dow is still on the neutral side as we seem to be building a base.