Today, the Market appears set to open lower, continuing the weakness from yesterday. Overseas markets were down, adding to the pre-market weakness in the US. Commodities are also weighing on the Market due to strength in the dollar.

The levels we are watching in the SPY are 109.60 for resistance on the upside and 108.80 for support on the downside. Below 108.80, we expect a move down to 108. If the SPY start holding above 109.60, we expect a move back up to 110.00.

Our best AM Idea for today, which we highlighted in our AM Meeting is: AMZN – Short a pop up to 128.50 with a downside target of 126.00.

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