A Light At the End of the Tunnel?
By Paul Cherney
A positive bias should unfold for the following three reasons:
1) We are coming to the end of the earnings warning period.
2) We are at the end of the quarter.
3) There is a seasonal bias for higher prices in the first couple weeks of July.
The NASDAQ finished Tuesday's session in a test of immediate resistance which is 2063-2084. The next resistance is 2100-2187 area. Support is huge layer 2047-1976, with concentrations of support in the 2047-2035 and the 2025-1993 area.
The S&P 500 has immediate resistance 1219-1228 area. The index is testing well-established support in the 1212-1184 area.
Cherney is market analyst for Standard & Poor's