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Weakness Ahead?

By Paul Cherney Momentum began to fade in Friday's session. Monday is a prime candidate for some short-term profit-taking.

Late in Friday's session, intraday measures of price combined with volume hit levels which have historically demonstrated high odds that the Nasdaq will undercut the 2075.74 level in intraday trading.

Even though the market is due for some retracement, (probably Monday and maybe Tuesday), I think the chances are pretty good that we are at the beginning of a summer advance. This view would be bolstered if we happen to see a retracement which finds active buyers supporting the market and preventing closes below the following levels: 1996 for the Nasdaq, 1193 for the S&P 500.

Nasdaq resistance is 2088-2105. The next resistance is a brick wall at 2137-2181.05, the first move into this area should spark some profit-taking.

The Nasdaq has support 2058-2038 then 2003-1971.

Immediate S&P 500 resistance remains 1207-1218. There is a brick wall of resistance in the 1227-1240 area.

Immediate S&P 500 support is now 1202-1184 then 1170-1139. Cherney is Market Analyst for Standard & Poor's

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