Stuck in a Range
By Paul Cherney
Momentum in the very short-term remains modestly positive. Limited upside and limited downside defines a consolidation sideways and that is what I am expecting for this market for the next few trade days or until there is a technical develop to suggest otherwise.
Immediate S&P 500 intraday support is 1084-1078. Additional and more substantial support is 1072-1052 with a focus 1067-1052.70. Immediate resistance is 1088-1099.16. The next layer of resistance above the 1099 level is 1114-1135.52. (Resistance gets thick with prints of 1023 and higher.)
The Nasdaq has immediate support 1684-1663, more substantial support is 1642-1584. There is a focus of resistance 1710-1733, resistance runs all the way 1770.76.
Obviously an positive headline from the War on Terrorism should spark higher prices.
Cherney is market analyst for Standard & Poor's