Markets & Finance

Markets' Song Remains the Same

By Paul Cherney The technical conditions remain the same.

Intermediate term momentum indicators are flat. More consolidation is likely.

The S&P 500 has brickwall resistance 1153-1206. The S&P 500 has immediate (intraday) resistance 1132-1142, and the next resistance is 1145-1163. The index has substantial support established during October in the 1111-1052 area, and there's a focus of support 1106-1087. A move inside this focus of support should bring buyers to the market.

The Nasdaq's brick wall of resistance is 1934-2106. The NASDAQ has immediate (intraday) resistance 1913-1942. The NASDAQ has support 1905-1879. Here are the next layers of support: 1848-1816 then 1800-1777. There is major support established from October 11 through October 6 in the1793-1631 area and this makes the 1793-1777 area a focus of support. I don't have the technical evidence to suggest that prices are headed for these sub-1800 levels, but I think if the Nasdaq were to print near 1800, that buyers would rush in off the sidelines. Paul Cherney is markets analyst for Standard & Poor's

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