Summary S&P500: 868, 873, 882, 888, 892
GS: 142, 144, 145, 147, 149
JPM: 31.80, 32.00, 32.50, 32.75, 33.00, 33.50
CAT: 29.90, 30.00, 30.25, 30.50, 30.75, 31.00
This will be an interesting week for the market. Earnings news especially from financials will likely dominate the news flow. We'll see if the weekly decline will continue through this week.
S&P500 is hovering around important technical levels as bullish and bearish trends fight out. The critical 200 days moving average is 880 and we'll see if that will be broken on the upside. On the top side, 886-888 remain important levels of resistance. On the downside, if the market breaks through 873 and then 868 then it could be the beginning of a much larger retrenchment into 840s and even 820s. For NASDAQ resistance is at 1,760 and supports at 1,745 and 1,730.
Financials will be the names to trade today given the likely volatility in that sector. GS is upgraded by Meredith Whitney and is up strong in the pre-market. It will be interesting to see if it stays above $145, the highs for the past 2 days. If so, it could easily test the 147 and then 149. On the support side, there is strong support at 144 (20D & 8D mmv and R1). Another support below that is 142.
JPM does not have any particular trend although it is one of the stronger financials. The key levels to watch on the downsides are 31.80 and 32.00 and the upside 32.50 and 32.75. If it falls below 31.50, then it signals problems.
CAT looks interesting. 30 seem to be an interesting level and the stock might test that level and could go even as low as 29.80. If that breaks, the major support is at 28.5. On the upside, the reistance are at 30.25, 30.50, 30.75 and 31.00.
On the upgrade news, BBY was upgraded by Oppenheimer. There is strong support 32.5 and 32.6
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