History never really repeats itself exactly. Much of the work I do is simply looking for similar technical power resulting in a rollover and a retest of the price range from Sept. 21 (S&P 500). Based on the charts, I had selected a close over S&P 500 1,123 level as my "stop loss" price, the point at which I should stop worrying about a move back below 1,000 for the S&P 500.
A close above 1123 was my "say uncle" price point. I am now lowering that "say uncle" price point to a close above 1110.61, which is the highest print of the recent sideways trading range.
The S&P 500 has an important price support at 1052. A close below this level opens downside risk for a move to the next layer of support is 1022-1000. That is a "close below" 1052.
The S&P 500 finished Thursday's session inside resistance which is 1075-1090. The next layer of resistance is 1101-1111.
The Nasdaq has immediate support at 1719-1683 with a focus 1717-1711. The index closed Thursday's session inside resistance, which is 1722-1754. The next layer of resistance was formed on Oct. 26 and it is 1767-1793.
The Nasdaq has major resistance at 1782-1934. Resistance becomes thicker with prints of 1825-1887.
The DJIA has immediate resistance at 9400-9605. Cherney is market analyst fro Standard & Poor's