Working The Upside
After Friday’s dramatic reversal, we could see some softness at the open, but overall, we’d expect the upside to prevail.
This S&Ps are down 5.00 at 1268.20. On the downside, we have 1264.50, which is a key area. If they get below that, the targets are 1262.50 and then major support at 1258.50.
Upside objectives are 1272, Friday’s high of 1274, then 1278.50, and a key area at 1281.50.
NASDAQ is trading down 7.50 at 1933. For today, we have resistance between 1948 and 1963. If we get above that, look for the market to challenge the 2000 level.
We have support between 1920 and 1905. If they get below this, look for a move back down to 1885. Limit down is 1898.50. Only a settlement below 1885 would be a negative for the market.
The Dow is trying again for 11,000. It has not closed above 11,000 since September 14, 2000.