Historically for the S&P 500, the odds have been about seven in 10 (73.5% of the time) that the S&P 500 has posted gains during this period of time. The average percentage change over this period of time on a close-to-close basis over this seven-day period (since 1968) has been +1.56%.
Historically for the Nasdaq, the odds have been about seven in 10 (70.0% of the time) that the index has posted gains during this period of time. The average percentage change over this period of time on a close-to-close basis (since 1972) has been +2.45%.
The Nasdaq has been testing intermediate term (a weekly view) "brick wall" resistance in the 1934-2106 area.
Immediate intraday resistance is a thin ledge 1975-1984 which should give way. Above the 1984 level, there is resistance 1999-2027 and 2010-2065. The overlap of these bands of resistance is the focus of resistance for the Nasdaq: 2010-2027.
The Nasdaq has well-defined intermediate term chart support 1965-1853. The index has intraday chart support 1970-1962 and 1942-1913.
The S&P 500 has intermediate term brick wall resistance 1153-1206. There is a focus of resistance 1052-1060.
The S&P 500 has support 1137-1132 but it is doubtful that prices can reach this level.
Downside risk appears limited. Cherney is market analyst for Standard & Poor's