Late day weakness in the NASDAQ raises questions as to the NASDAQ's ability to add significantly to Thursday's gains. One of my models is suggesting that a gain at the open would not last more than about 30 minutes and that a slow-motion drift lower (for the rest of the day) could follow, but I have no clear idea of what will happen in the NASDAQ.
Odds favor another positive close for the S&P 500, but just that, positive, not a substantial gain on the day.
I don't think the NASDAQ is ready to trend higher and I remain concerned that there is still a good possibility of a hard down move, which pushes the CBOE's total Put/Call ratio to over 0.99 at its end-of-day reading. (This doesn't mean Friday, just someday before we can see a consistent trend higher.)
The NASDAQ is testing thick resistance (closing basis) in the 2523-2555 area, the next layer of resistance is 2591-2706 with a focus 2627-2652 (not likely in Friday's market). Immediate support (below 2523) is 2491-2462. Additional support is 2447-2417.
The S&P 500 has immediate support in the 1322-1311 area. This focus is within a broader area of support, which is 1329-1301. Immediate S&P 500 resistance is 1332-1339 then MAJOR, brick wall resistance is 1351-1389 with a focus in the 1353-1368 area. Cherney is market analyst for Standard & Poor's