33% of the S&P Reports this Week
NASDQ only sector taking heat: Equities once again saw a sustained rally and into the close Friday allowing the market to open with strong momentum this week. With the high reaching 1694.25 in the S&P so far this session it looks to have 1700 in the cards very soon. Housing data this morning will be closely watched after a big miss with housing data last week. With Friday's close at 1689.50, traders will be looking for a close above here for a further signal of strength to start the week. Only a close back below previous highs at 1680.25 will show signs of a short term failure. Only a close below 1666.75 this week will show signs of a further correction. The next major upside and year end target that we have mentioned on here previously remains 1757 and today and a close above 1700 will put us on our way rather quickly.
Resistance - 1700*, 1711*, 1757***
Support - 1689.25*, 1680,25***, 1666.75***
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