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Market Puts Its Chips on Intel

By Paul Cherney Intermediate term expectations for S&P 500 closes of 1,068 or higher, and Nasdaq potential for closes of 1,988 or higher, remain in place.

For Wednesday, though, the markets have anticipated good earnings and great guidance from Intel (INTC). If delivered, a surge higher in prices might be used by shorter-term traders to book short-term, long side profits. That would not change intermediate term expectations for S&P 500 1,068 or higher and Nasdaq 1,988 or higher.


resistance for the Nasdaq is right here, well-defined at 1937-1958.96. Once resistance is exceeded, it must be considered support until it breaks.

Immediate resistance for the S&P 500 remains the same small shelf it has been for days: 1,047-1,050.11. The next resistance above 1,050.11 is 1,068-1,106, with a focus at 1,068-1,090.

Immediate Nasdaq

support is 1,934-1,921.96. If the Nasdaq undercuts 1,921.96 for more than 3 or 4 minutes without attracting buyers to lift prices, a test of the 1,917-1,905 area would probably unfold. The next stairstep of support for the Nasdaq (under 1,905) is 1,903-1877, with a focus at 1,892-1,888.

The S&P 500 has immediate support at 1,040.64-1,026.19.

Here is a look at overhead resistance levels based on longer-term historical intraday charts:

The S&P 500 resistance above 1,050.11 is well-defined at 1,068-1,106, with thick, brick-wall style resistance at 1,068-1,090.

The Nasdaq has a huge wall of resistance at 1,937-2,098.74, which was established by price action in December, 2001, and January, 2002. Inside this broad area of resistance there are three thick layers of resistance: 1,937-1,958.96, 1,979-2,011.25, and 2,042-2,073. Cherney is chief market analyst for Standard & Poor's

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