A Light At the End of the Tunnel?

There are three good reasons why stock prices should rise

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

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