By Paul Cherney The Bank of England and the European Central Bank are expected to cut rates on Thursday morning which could easily create a "sell on the news" event for U.S. markets.
Wednesday's U.S. session was a day of distribution.
Upside on Thursday is doubtful without a headline of undeniably bullish importance.
The S&P 500 has risk for sub 1,100 prints in Thursday's session. The Nasdaq has an important layer of support in the 1831-1820 area. A move below the 1820 level would open intraday downside risk for prints 1800-1785.
The S&P 500 has immediate support 1110-1100. The index has resistance 1114-1135.52. Resistance becomes thick with prints of 1123 and higher. (Wednesday's intraday high was 1126.62.)
Major resistance (brick wall, based on end of day data) for the S&P 500 is 1153-1199.
The Nasdaq has a shelf of resistance 1847-1869. Immediate support is 1820-1781 with a focus 1807-1793. The next support is 1759-1726. Cherney is market analyst for Standard & Poor's