Special Commentary
The news of National Economic Council Director Gary Cohn resigning will negatively impact markets on Wednesday.
The futures this evening are showing the markets will open down in a “big way”.
There is no need for a detailed analysis this evening.
However with so many investors and analysts bearish on the news, I am expecting a move down and then a move back up to where we are this evening, within a day or two.
Support Levels To Be Aware Of:
2700 was support.
2675 is light support.
2650 is light support and 2620 is also light support.
There is good support at the 2550 level from where the market bounced back from the recent correction.
The S&P has light support at 2480. It also has light support at 2450 and good support at 2425. Below that there is some support at 2400, 2380, 2350. 2300 has the most support at present but would represent a full correction as a drop to this level would be 20% and just 5% away from a potential bear market signal.
Stock Market Outlook for Tomorrow – Wed Mar 7 2018
If this resignation had not occurred the outlook would have been sideways but still higher. Cohn resignation will send markets lower on Wednesday but we could see a recovery as soon as Thursday or Friday of this week.
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