Immediate resistance for the DJIA begins with prints of 12,250 and higher, there is a focus of resistance in the 12,400-12,750 area. (The record high close for the DJIA was 12,722.98 on Jan 14, 2000.)
Immediate support for the Nasdaq is 2171-2156, then 2125-2109. The Nasdaq has established a well-defined wall of resistance in the 2187-2233 area. This is part of the broader band of resistance in the 2174-2233 area. The next layer of resistance above 2233 is directly overhead in the 2242-2356 with a focus of resistance 2253-2310. Unless there is a headline of undeniably bullish importance, I think that the best the Nasdaq can do on this short-term advance (the next couple of trade days) is a print at or above the 2233 level. Downside is limited.
The S&P 500 has immediate closing support in the 1273-1253 area. The next substantial resistance does not occur until 1300-1341. A likely spot (short-term) for this initial leg up to run out of momentum is prints in the 1311-1339 area. Paul Cherney is Market Analyst for Standard & Poor's