Based on a review of the trading activity and price and volume movements for the S&P 500 in the week after the Easter break, I think the chances are good for an S&P 500 low on Monday or Tuesday (probably Monday), which should mark the beginning of a labored (but positive) advance for the S&P 500. (sometimes just a three to five day rise, othertimes a more protracted move unfolds.) Also, I have an indicator based on the relationship between New York Stock Exchange breadth and the price movements of the S&P 500, which looks like it could register a positive signal as of Monday's close.
If there is upside next week I do not expect it to be an
uninterrupted trend. There is still too much reluctance to
commit ahead of the first quarter earnings report.
The Nasdaq index has a layer of immediate support 1844-1824, then 1808-1773, with a focus 1803-1793. Immediate intraday resistance is 1851-1874.
The S&P 500 is testing immediate resistance 1142-1157. Resistance actually runs 1142-1174.
The S&P 500 has immediate support 1132-1126. There is
considerable support for the S&P 500 in the 1130-1107 area. Cherney is market analyst for Standard & Poor's