Not out of the Woods Yet
By Paul Cherney
Unless there is a headline of undeniably positive impact, some more base building and perhaps one more dip to test the resolve of buyers near the lows established on Friday seems likely. The Nasdaq has a well defined band of intraday support at 1712-1696.71, part of this is inside a band of support which is 1709-1689.
The S&P 500 has well defined intraday support at 1082.39-1074.39.
The Nasdaq's intermediate term band of support is at 1760-1677 with a focus of 1740-1701. The next layer of support below 1677 is 1657-1628.
The "500" has well defined intermediate term support in the 1111-1052 area. The index has immediate resistance at 1090-1102, then 1101-1109.
Cherney is market analyst for Standard & Poor's