The Closing Print live trading and financial blog during market hours.

The SPY and S&P500 futures are lower this morning with support levels just below. Resistance remains in the 2850 – 2900 zone overhead. Nasdaq stocks are outperforming so we’ll look for stronger stocks to outperform in this index. “Back and fill” price action will continue into OPEX Friday.

“VIX expiration today which can sometimes lead to some strange dislocations pre-open.” Spotgamma

SPY Levels

Look for support at 275.00 (+/-), as we near the Opening Bell. RSI and MACD remain in a bullish trend, with the latter above its signal line and rising. Momentum is with the bulls despite the morning weakness.

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161.8% Fibonacci extension (pivot low to breakout zone 275+/-) aligns with 50/200d moving averages overhead. This is major resistance, so we will plan accordingly.

Nasdaq Relative Strength – QQQ Weekly

We chose the weekly time frame to emphasize the relative strength in technology stocks and large biotech. Price action in the pre-market session is testing the moving averages near 208 (+/-).

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Momentum (MACD and RSI) are bullish, so we’ll look for the continuation of the current trend while anticipating occasional weakness as markets rise. Back and fill this week is expected, with resistance at 50d overhead, as we discussed in the weekend video.

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Futures are lower this morning on economic data noted here:

Note TSLA is still rising and bullish.

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*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities. 

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