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Rebound Ahead?

By Paul Cherney In Wednesday's trading, the Nasdaq gapped lower, moved lower and then recovered to finish near the opening. I like the pattern (in Japanese candlesticks it is called a hammer and it is one of the few candlestick patterns I look for), it suggests a rebound in prices in Thursday's market.

The Nasdaq has immediate support in the 2604-2554 area with a focus of support 2597-2571.

Immediate Nasdaq resistance is 2652-2706. Resistance becomes thick in the 2686-2706 area.

The S&P 500 has immediate support 1339-1333 then 1329-1301. area. The index has broad and substantial resistance 1351-1389, there is a focus of resistance in the 1353-1368 area. Cherney is market analyst for Standard & Poor's

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