The jump in the VIX (market volatility index) back above its 10-day exponential moving average is not encouraging. On Friday, near the close, the VIX's 10-day exponential was near 31.78.
In Friday's session, the Nasdaq closed below the 1367 level (band of support was 1388-1367). This has opened immediate downside risk for a test of the next layer of support 1347-1317.
Support: The S&P 500 has multiple stairsteps of support within the broad 926-867 area of support. It is testing the lower edge of 897-887 then 884-867. There is considerable price traffic (support) in the 883-875 area.
Immediate support for the Nasdaq is 1347-1317, then 1300-1280.
Resistance: The S&P 500 has resistance at 932-965. Immediate intraday resistance is 897-910, then 915-926.27 and 932-944.
The Nasdaq has immediate resistance at 1381-1412, then 1407-1426, which makes the 1407-1412 area a focus of resistance. Cherney is chief market analyst for Standard & Poor's