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S&P Technically Has Great Support Here

March 9th, 2010

S&P 500 index futures are lower this morning as commodities weakened ahead of a report expected to show another increase in crude oil inventories, a bearish sign for demand in the world’s largest energy consumer. Technology shares will also be in focus one day after Texas Instruments Inc (TXN.N) raised its quarterly earnings and revenue forecast. Oil prices slipped as expected on a stronger dollar and expectations that crude inventories will continue to rise. For now, here are the levels we are working with on the S&P. Actually there are some pretty good support levels below us so it’s going to take some serious selling to break these.

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