Working The Upside
S&Ps were trading up 4.50 at 1239.50 this morning, and need to get above 1242 for this rally to take hold.
Above that we have a band from 1244 to 1246, which will be a critical level. Above that, we have 1249.50, 1252.50, and then a critical area at 1255.50. An area in which we’ve met a lot of resistance is 1248-1254, with at least five sell-offs.
On the way down, we have 1236.50, 1234, 1231.50, 1228.50, a key area at 1226.50, and another key at 1224.50.
NASDAQ is trading up 27.50 at 1904. We’re above a critical support level at 1900.
On the upside, we have resistance at 1915 to 1925. If they get above that, look for 1945 to 1955.
On the downside, the first support is 1885 to 1875. Then we have a critical support area between 1865 to 1855. The contract low is 1842.
As for the Dow, we continue to watch the 10,300 level. We are still neutral.
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