Price Action Bullish
By Paul Cherney
Price action on Wednesday was bullish. Volume was just okay, the less than resounding volume might have been a by-product of hesitation ahead of the September employment report due for release on Friday.
These markets look like they want to go higher, but there are probably plenty of people who will wait until Friday's jobs report because it still has the potential to generate selling, even if it is just a short-term event sparked by short-term profit-taking.
Immediate Nasdaq resistance is 1,827-1,856.12. Resistance becomes thick with prints of 1,835 and higher, and if the markets are going to spend Thursday in hesitation ahead of the employment report, the Nasdaq might run out of buyers with prints inside the focus of resistance at 1,845-1,856.12. The next big layer of resistance is 1,867-1,913.
The S&P 500 has immediate resistance at 1,014-1,026, with a focus of resistance at 1,018-1,023. The next layer of resistance is 1,032-1,040, with a focus at 1,035-1,041.
Immediate intraday support for the S&P 500 is 1,015-1,008.
Immediate intraday support for the Nasdaq is 1,822-1,809.
Cherney is chief market analyst for Standard & Poor's