More Downside Risk for the "500"

Meanwhile, the Nasdaq has broken below a key resistance level

By Paul Cherney

The S&P 500 has immediate downside risk for intraday prints near 1043.89, and the potential for a close near 1054.36 sometime within the next two to six trade days. S&P 500 chart support is 1071-1052 with a focus 1062-1054.

Immediate S&P 500 resistance is 1088-1096. Additional resistance is 1101-1111.

The Nasdaq has broken below 1754-1722 which now must be considered resistance. The index has immediate support 1695-1683 then 1664-1628 with a focus 1657-1641.

Cherney is market analyst for Standard & Poor's

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