Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Markets & Finance

Wednesday's Rise a One-Day Wonder

By Paul Cherney I think Wednesday's price advance was just a "one day wonder." For Thursday, a day of hesitation or lower prices should unfold.

The S&P 500 has an important price support at 1052. A close below this level opens downside risk for a move to the next layer of support is 1022-1000. That is a "close below" 1052.

The S&P 500 has closing support in the 1062-1054 area. Immediate S&P 500 resistance is 1075-1090 then 1101-1111. (Wednesday's intraday high was 1074.79, just shy of the first layer of resistance in the 1075-1090 area.

The Nasdaq has resistance 1683-1695 then 1722-1754. The index has immediate support 1664-1628 with a focus 1657-1641. The Nasdaq has another layer of support 1626-1566 which should act like a floor for prices (if tested).

The S&P 500 looks a little more vulnerable than the Nasdaq's chart. This does not mean a bigger percentage loss for the S&P 500, just that the potential for downside occurring looks more likely in the S&P 500's chart. Cherney is market analyst for Standard & Poor's

blog comments powered by Disqus