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Mixed Signals

By Paul Cherney The underlying trend for higher prices is running out of momentum, but it hasn't died yet.

I have mixed signals right now. (If you told me what Friday's April employment report was going to say, even then, I couldn't tell you what the market's reaction will be.)

Wednesday's price action usually precedes two days of lower closes, but in Thursday's session, intraday indicators hit levels of oversold which usually precede several trading hours of higher prices.

The only way I can embrace both these observations is to guess that the markets react positively to the employment report (initially) but fade from the best levels late in Friday's session.

REMINDER: I would be very concerned about downside (next couple of weeks) if the Nasdaq were to close up on a day when the total share volume for the day shrunk to about 1.66 billion shares.

The Nasdaq has immediate resistance 2174-2233, then 2242-2356 with a focus of resistance 2253-2310. On Thursday, the Nasdaq closed inside immediate support, which is 2169-2088. There is a focus of support at 2137-2095.

The S&P 500 has immediate closing resistance in the 1253-1273 area. The next resistance is 1300-1341. Immediate support remains 1238-1223. Cherney is Market Analyst for Standard & Poor's

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