In Thursday's session, the VIX crossed back down through its 10 day exponential moving average. Historical odds are 50/50 that tomorrow sees closing gains in the S&P 500. For Monday's market, odds are 7 in 8 that the S&P 500 will gain ground by the close.
Volatility should continue to plague intraday action.
The Nasdaq's next layer of resistance is 1312-1354. Resistance gets thick with prints of 1335 and higher. Immediate support is now 1298-1263.
The S&P 500 is near the top a layer of resistance which runs 885-911.63. The index has thick resistance 918-934 and it does not appear likely that prices would be able to crash up through this level unless there is a headline of undeniably bullish importance. Immediate support is now 896-877 with a pretty strong ledge (that should hold if tested) in the 896-885 area. Cherney is chief market analyst for Standard & Poor's