More Gains Are Likely

Indicators point to another day of gains for both the NASDAQ and the S&P 500

By Paul Cherney

Odds (based on momentum indicators which combine price and volume) still favor (slighlty) another day of gains for both the NASDAQ and the S&P 500.

A likely spot for NASDAQ profit-taking is 2100-2187 area. For the S&P 500, it would be prints in the 1241-1277 area.

The NASDAQ is testing a layer of resistance which is 2038-2084. Inside this band is a focus of resistance 2063-2084

The S&P 500 has support 1228-1219, the next resistance is 1241-1277 with a focus 1241-1263. The S&P 500 has well-established support in the 1212-1184 area.

Cherney is Market Analyst for Standard & Poor's

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