By: Scott Redler
S&P held yesterday’s gap of 1147-1150. Some tech leaders broke through yesterday’s highs (AAPL, VMW, NFLX, BIDU), but that doesn’t mean they will definitely hold. Plus, other tech stocks are also positive.
OIH also held yesterday’s lows.
Banks are still a bit Heavy.
Right now we are getting back into a very stock and sector specific environment. We do have a new range and points of reference to trade against.
The floor is 1147-1150, with a gap opened down to even bigger support at 1125-1135. Resistance on a micro level is 1164, then 1170, and finally with a major resistance at 1178-1182.
Stocks will need time to build new bases, but future patterns will set up.
