Markets Acting Better

Thursday's session should bring more gains. A rise in volume would be icing on the cake

By Paul Cherney

The S&P 500 and the Nasdaq started to act better on Wednesday and these indexes should follow-through on Thursday with another day of gains. One thing I would like to see is a pickup in volume as price advances.

The Nasdaq finished Wednesday's session in a test of resistance in the 2039-2096 area, inside this band of resistance is a focus: 2052-2078, resistance actually runs all the way through 2111. The index has another layer of resistance 2143-2182.

Wednesday's price action in the Nasdaq has confirmed the 2030-1995 area as valid support. The next substantial layer of support (based on the charts) is 1962-1868.

The S&P 500 finished Wednesday's session in a test of immediate resistance which is 1223-1238. Next resistance is 1253-1273. Immediate supports are 1212-1202 then 1193-1158.

Cherney is Market Analyst for Standard & Poor's

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