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More Consolidation Ahead?

By Paul Cherney The volume on the up days is not as big as the volume on the down days, which I think lends credence to the idea that we are at or near a period of time which should be dominated by distribution and a consolidation of the gains from the early October lows.

An S&P 500 close inside the 909-928 area of resistance is still favored according to the historical odds generated by the studies I have generated, but the distribution may have already started as evidenced by the volume on the down days.

SUPPORT:: The S&P 500 has multiple stairsteps of support: 890-873, 877.51-866.14, 866.64-856.28, 850-840. A move below 866 is not expected.

Immediate NASDAQ support is 1318-1302, with a focus 1316-1308. Next support is 1287-1267 with a focus 1279-1267, 1256-1229, and 1244-1220, which makes the 1244-1229 area a focus of support.

RESISTANCE: Immediate intraday resistance for the S&P 500 is 900.50-909.89. Next resistance is 909-928.

The NASDAQ has thick resistance 1299-1347. The NASDAQ has a layer of resistance inside this band of resistance at 1332-1347. The next higher resistance is 1360-1427 with a brick wall at 1374-1399. Cherney is chief market analyst for Standard & Poor's

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