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

An Uphill Climb?

By Paul Cherney End-of-day indicators for both the Nasdaq and the S&P 500 remain negative, but have hit levels which keep the odds tilted in favor of another attempted lift from oversold levels on Tuesday.

If the VIX (market volatility index) can start trending below the 37.50-37.28 levels, a more enthusiastic short-covering effort will be underway, but this would probably be just a short-term event (maybe only lasting for Tuesday) unless there is a headline which specifically advances (favorably, or interpreted favorably) the situation with Iraq.

These markets remain susceptible to headlines both good and bad. Sentiment can turn in an instant, forcing leveraged players to cover and enticing longer-term investors to try the long side, but any violent upside move in prices will probably only be a short-term affair until something more definitive unfolds with regard to Iraq.

The Nasdaq has immediate intraday support at 1287-1275.

The Nasdaq has a well defined shelf of resistance at 1302.80-1311. Immediate resistance above 1311 is 1333-1345. The index has substantial resistance at 1358-1383.

The S&P 500 has a shelf of resistance at 832-835.72; more substantial resistance is 838-845.88. Next resistance for the S&P 500 is 857-868.62, and becomes thick at 862-868.72. Cherney is chief market analyst for Standard & Poor's

blog comments powered by Disqus