The Nasdaq's Sweet Spot
By Paul Cherney
If the Nasdaq can manage to print above the 1680.30 level for more than 4 minutes on Thursday, then the odds would increase for additional gains in Thursday's session. Odds would favor an extension higher and a move into the next layer of intraday resistance which is 1696-1708. This is what I expect to see. Resistance becomes very thick with prints 1729-1760.
The Nasdaq index has major resistance 1777-1832.
Immediate support for the Nasdaq is 1669-1599, with a focus of support at 1653.10-1630.80.
The S&P 500 has resistance at 1085-1089, then 1102-1114.73; there is a focus of resistance at 1105-1109. Prints above 1089 for more than 4 minutes would increase the chances for a move back above the 1102 level and into the focus of resistance (1105-1109).
Immediate intraday S&P 500 support is 1080.76-1072.64. The index has well-defined support throughout the whole 1087-1064 area.
Cherney is chief market analyst for Standard & Poor's