Interestingly, in Wednesday's market, the intraday high for the Nasdaq was only 2.67 points away from the lower edge of the price projections (for a close) for the index of 1762-1781.
Immediate resistance for the Nasdaq is 1736-1749, then a small shelf at 1752-1759. Stepping further back form the charts, there is a band of resistance at 1736-1769. Due to the numerous stairsteps in the decline from the March top, major resistance is 1777-1832.
Immediate support for the Nasdaq is 1711-1691, with a focus of 1707-1700. Next support is 1690-1678.
Immediate resistances for the S&P 500 are 1102-1114.73 with a focus of 1105-1109, and 1117-1133.31 with a focus of 1122-1127.
Immediate S&P 500 support is 1092-1085. Cherney is chief market analyst for Standard & Poor's