Zone Up Ahead

S&Ps are up 2.00 at 1234 this morning, with a resistance zone up ahead at 1238.50 to 1242.50. If we can get above this, look for the gap to be filled at 1250.80, which was left over from Friday’s settlement.

On the downside, we have a neutral zone between 1236 and 1234. If we get below this, look for a trade back toward 1226. Along the way, we should have some support between 1231 and 1229.

In general keep in mind we’ve had three days of trading and produced a range of 29.50 points. In other words, it has been quiet.

NASDAQ is trading up 16.00 at 1840, despite QCOM’s news. For today, we have resistance between 1845 and 1855. If we get above that, look for a trade up towards 1880.

We have support between 1820 and 1810. If we get below that, look for a move to 1790. Limit down comes in at 1782.

The Dow had a strong performance yesterday. Drug stocks and MO were the leaders. The Dow is now down only 1.5% on the year, and that is the best-performing index.

May 1 at 8:00 PM ET
come to the Intermediate-Term message board! Loren Fleckenstein will be there to talk to you about the stocks he’s stalking and
to answer any questions you may have about intermediate-term trading.