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More Consolidation Possible

By Paul Cherney Another day of consolidation is possible. Downside risk appears limited.

Unless I see something definitive in the technical measures I use, I am assuming the following price pattern: a positive bias into the middle of January, then some consolidation, then another lift in prices starting near the beginning of February (which could run out of momentum and lead to a more concerted bout of profit-taking).

The Nasdaq has immediate resistance with prints of 2061-2106; there is a focus of resistance at 2067-2082.

Immediate support for the Nasdaq is 2033-2014. The Nasdaq has another layer of support 2003-1980 and if it were to print in this zone without a headline of universally recognized bearish importance, then I would expect buyers to start bargain hunting.

The Nasdaq has well defined intermediate term chart support (I am looking at weekly bars here) at 1965-1853.

The S&P 500 has intermediate term "brick wall" resistance at 1153-1206. The index has a focus of resistance at 1173-1194. Immediate support is 1159-1150.

It would take a headline that everyone recognizes to be bearish to push these markets considerably lower. Cherney is market analyst for Standard & Poor's

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