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Watching and Waiting

By Paul Cherney The FOMC meets on Tuesday and Wednesday and there could be another day of hesitation on Tuesday.

Tuesday has the same potential as Monday did to produce a market which really doesn't move very far in either direction.

The Nasdaq finished Monday's session in a test of immediate resistance which is 2046-2084 with a focus of resistance 2052-2075. The next resistance is the 2100-2187 area.

The S&P 500 has drifted below the lower edge of its closing support of 1228-1219 area.

The index has well-established support in the 1212-1184 area. Immediate (intraday, representing ultra-short-term) resistance is 1233-1240, but the next level of well-organized resistance is 1241-1277 with a focus at 1241-1263. Cherney is Market Analyst for Standard & Poor's

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