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Upside Unlikely

By Paul Cherney The Bank of England and the European Central Bank are expected to cut rates on Thursday morning which could easily create a "sell on the news" event for U.S. markets.

Wednesday's U.S. session was a day of distribution.

Upside on Thursday is doubtful without a headline of undeniably bullish importance.

The S&P 500 has risk for sub 1,100 prints in Thursday's session. The Nasdaq has an important layer of support in the 1831-1820 area. A move below the 1820 level would open intraday downside risk for prints 1800-1785.

The S&P 500 has immediate support 1110-1100. The index has resistance 1114-1135.52. Resistance becomes thick with prints of 1123 and higher. (Wednesday's intraday high was 1126.62.)

Major resistance (brick wall, based on end of day data) for the S&P 500 is 1153-1199.

The Nasdaq has a shelf of resistance 1847-1869. Immediate support is 1820-1781 with a focus 1807-1793. The next support is 1759-1726. Cherney is market analyst for Standard & Poor's

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