The underlying trend for prices remains positive. In Wednesday's market the NASDAQ slipped down to print an intraday low of 1975.65, just inside the price gap of 1980-1963 and buyers emerged.
The NASDAQ is inside its intermediate term brick wall of resistance which is 1934-2106. Resistance becomes thick with prints 2061-2106. Intraday charts show multiple resistance layers- in Wednesday's session, the index recovered from mid-day losses to return to the immediate layer of intraday resistance which is 2007-2037. I view the intraday price action as a short-term positive.
The NASDAQ has well defined chart support 1965-1888 with a focus 1942-1913. Immediate intrday support is 1997-1982.
The S&P 500 has brickwall resistance 1153-1206. The S&P 500 has immediate (intraday) resistance 1162-1173.62. The index recovered in Wednesday's session to finish inside an area of chart support: 1132-1142 area. In Wednesday's session, the index printed below 1132, but only moved as low as 1126.01 before buyers lifted shares, therefore, immediate support under 1132 is now 1126-1115.
There were excessive put/call ratios in Wednesday's session. At 4:00 pm EST the CBOE's total put/call ratio was 0.90 which I interpret as a short-term positive for equity prices. Cherney is market analyst for Standard & Poor's