More Gains Are Likely
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