By Paul Cherney
These markets are in the hands of short-term traders as longer-term investors might occasionally move in to pick up a percieved bargain, but the bulk of long-term investors are content to stay on the sidelines until a clearer picture of the future evolves.
On balance, Nasdaq and S&P 500 end-of-day indicators and systems remain in neutral.
The markets are waiting for some sort of a headline to force action (either buying or selling) and until we get it, or there is a technical development which shifts odds to favor buying or selling, then I have to assume we are stuck moving sideways.
Nasdaq support as 1838-1812. If 1812 is broken then there is a relatively open space on the charts and the next support does not appear until 1785-1721.
The Nasdaq has immediate resistance 1862-1923 with a focus 1862-1881 then 1897-1916.
The S&P 500 has immediate support in the 1153-1119 area, within this support band is a focus of support 1143-1128. Immediate resistance is now 1165-1170. Considerable resistance is 1174-1186.
Cherney is market analyst for Standard & Poor's