The S&P 500 is in a natural spot (on the price chart) for a stall in the advance. A "stall" does not necessarily mean a decline, it could be just sideways action. The Nasdaq also should just consolidate on Friday. Intraday on Thursday, the Nasdaq moved into the price gap created by the resumption of trading on Sept. 17 (the gap now runs 1641.56-1669.94) and this area is a natural spot for a stall as people who were caught long the market on Sept 10 have prices come back to "breakeven" levels where some will opt to sell.
All of these comments are made on a technical basis only, obviously (I think) if there is any sort of military action or a positive development in the war on terrorism, the markets should have at least a one day surge.
Here are the immediate resistance numbers for the S&P 500:
Immediate resistance should be found 1073-1096.94 with a focus of resistance 1085-1096.
Immediate support for prices during this upleg (started 9/21/) is now 1046-1026.
Immediate Nasdaq support is now 1568-1545, then more substantial support 1528-1458 with a focus 1503-1472. The index has immediate intraday resistance 1618-1642. There remains a strong focus of resistance in the 1584-1605 area which is capping closes. Cherney is market analyst for Standard & Poor's