Markets & Finance

Gains Possible for Nasdaq


By Paul Cherney The Nasdaq printed below 2188 and the index moved lower in the session. The price action did not produce the kind of readings which I usually see when a market is about to tumble which leaves the door open for a headline reaction to the February employment report. The report will be released at 8:30 pm EST.

All the interpretation of the jobs report will take place before the opening bell on Friday, so by 9:30 a.m. ET, if the markets are convinced that a Fed rate cut is a given, there could be some discounting of a March 20th rate cut (read: higher equity prices).

There is still the potential for good gains in the Nasdaq on Friday especially if the markets embrace the notion that it is time to start discounting a rate cut by the Fed. Immediate resistance for the Nasdaq is 2188-2204, then 2249-2287, then 2314-2351. The Nasdaq has stacked layers of support 2159-2111 and then 2129-2071.

The S&P 500 has immediate support 1253-1240. Considerable resistance is evident in the 1274-1293 area.

Intraday observance: The S&P 500 has a layer of resistance 1267.42 - 1272.76. A move above this level would probably garner some follow-through.

Anytime prices move above a layer of resistance, that layer is then considered support. Anytime prices move below a layer of support, those prices are then considered resistance. Cherney is Market Analyst for Standard & Poor's


Steve Ballmer, Power Forward
LIMITED-TIME OFFER SUBSCRIBE NOW

Sponsored Financial Commentaries

Sponsored Links

Buy a link now!

 
blog comments powered by Disqus