One of the buying influences in today's market was shorts, especially after Friday's declines, and their buying interest will decline if prices just move sideways (because that will re-ignite their hopes for falling markets). One of the amazing aspects of the rise from the Mar. 12 lows is that there was no real contraction in short interest (the number of shares that have been shorted).
RESISTANCE: The S&P 500 has immediate intraday resistance 1010-1015.33. The bigger picture of resistance which was established by price action in June of 2002 is that the S&P 500 has a band of resistance 1008-1041 with a focus 1020-1031.
The NASDAQ has immediate resistance 1722-1748.
SUPPORT: The NASDAQ has immediate intraday support 1715-1693. Monday's price action has converted 1684-1600 into a big band of support.
Immediate intraday support for the S&P 500 is a small shelf 1002-996.94 then 990-984.80. There is a big band of support for the S&P 500 at 992-963.25. Paul Cherney is chief market analyst for Standard & Poor's