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Positive Bias Still in Place

By Paul Cherney Friday is options expiration day.

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

The trend for prices is not strongly positive, but it still does carry a positive bias.


resistance for the Nasdaq is 1,937-1,966.87, with a focus at 1,945-1,959.

Immediate resistance for the S&P 500 is 1,047-1,053.79, with a focus at 1,047-1,050.11. 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 1,903-1,877 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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