Downside risk appears limited, but after opening gains, consolidation is likely.
Support: Immediate support for the S&P 500 is 911.25-898.
Immediate support for the Nasdaq is now 1411-1375, with a particularly strong layer at 1408-1392.
Resistance: The S&P 500 has resistance at 931-954.28.
The Nasdaq's next layers of resistance are 1443-1461 and 1455-75, which makes the 1455-1461 area a focus of resistance. Cherney is chief market analyst for Standard & Poor's