Stock futures have been building strength this morning for the past 45-minutes and currently show S&P futures (SP01U) trading higher by 4 points. NASDAQ futures are also showing strength and are up 19 points, while Dow futures are up 25 points. Fair value for the S&P 500 for today is $8.22. Computers are set for program buying at $10.02 and set for selling at $6.92. Fair value for the NASDAQ-100 for today is $17.50.
I still think Biotech is place to be
With the BTK.X currently residing near the lower end of its regression channel on the daily chart, I'd be looking for the upward trending 50-day MA to provide a lift for this index and many biotech stocks. While the lift comes from actual buyers in the sector, this has been a group of stocks that certainly looks to have had some buyers in it in recent months. Bullish traders can enter some positions here and use any break below the 50-day MA at 581 as a sign of weakness. Bullish traders might be targeting the 725 level over the next couple of weeks.