Friday is options expiration day and judging by all the price movement and the number of options contracts traded at the CBOE in the past two sessions, a lot of Friday's thunder (and volatility) may have already been used up in Wednesday and Thursday's markets.
Immediate Nasdaq support is 2748-2714 with a focus of support 2748-2734. Additional support is 2698-2661 then 2646-2604. The Nasdaq has substantial support 2646-2576. A worst case scenario is now prints of 2646-2610.
The Nasdaq is testing a large band of resistance in the 2760-2916 area within this area the first focus of resistance is in the 2775-2812 area.
The S&P 500 has managed to close at the top of a band of resistance in the 1339-1347 area. The next layer of resistance is considerable: 1351-1389.
Immediate S&P 500 support is 1334-1311 which is stacked on support 1312-1287. Cherney is market analyst for Standard & Poor's