This S&P 500 level is the one to watch in a short trading week, pro trader says
(PRO Views are exclusive to PRO subscribers, giving them insight on the news of the day direct from a real investing pro. See the full discussion above.) The S & P 500 will have to hold a key level at 6,550 for an auspicious start to December, according to New York Stock Exchange insider Jay Woods. Stocks are coming off a brutal week, with the major averages nursing bad month-to-date losses. The S & P 500 was last down about 2%, while the Nasdaq Composite lost about 4%. Still, so long as the S & P 500 is able to hold above that major support level during this holiday-shortened week, it should be able to get its year-end rally, Woods said. “Let’s see if we can end this week, start December off on the right foot. 6,550, the key level the traders are watching, we got a rally,” he said. .SPX 1M mountain S & P 500, 1-month performance Here’s what else Woods, chief market strategist at Freedom Capital Markets, is watching this week: Federal Reserve speakers have the potential to move the market in the near term, especially ahead of the Dec. 9-10 meeting. New York Fed President John Williams helped the market rebound , Woods said. However, Boston Fed CEO Susan Collins has the trader “a little trepidatious.” Earnings from companies including Dell , which got a double downgrade from Morgan Stanley last week and could be in trouble if it breaks support at $120. However, he thinks the stock could hold and even rebound over the longer term. Deere is another stock that could surge back to old highs if it holds at $480. Alibaba and Zoom are other names he’s watching. (This weekly Monday video is exclusively for CNBC PRO subscribers.)
<
