Since 1972, the S&P 500 has risen on the Thursday before the Good Friday holiday about 63% of the time.
Since 1972, the S&P 500 has suffered a closing loss on the Monday after Easter 72% of the time.
End of day technical measures are positive and until that changes, assume a positive trend for prices. That does not mean that every single day is a gainer.
The S&P 500 has stacked
support at 1,149-1,135, then 1,135.67-1,129.94, then 1,125-1,113. Next support is 1,101-1,087.06. Immediate intraday support for the S&P 500 is a ledge at 1,145-1,141.70, and it held in Tuesday's session as the intraday low was 1,143.30.
Immediate Nasdaq support is 2,064-2,049, then 2,036-2,011; there is a focus at 2,036-2,024. The Nasdaq has a shelf of intraday support at 2,064.94-2,054.34. This level was slightly undercut in Tuesday's session as the index printed a low of 2,053.32. The index created a gap in the price chart on Friday, Apr. 2, and the gap remains open at 2,037.19-2,019.09; if prices were to drop to print inside the upper edge of this gap, it would be a likely spot for buyers to come in. During the late afternoon on Tuesday, one of my 60-minute indicators based on price did manage to hit an oversold level, so I am expecting limited downside for Wednesday and Thursday in the Nasdaq. The index has well defined daily bar chart support at 2,019-1,960.
The S&P 500 has a band of
resistance at 1,149-1,176.97, with a layer of resistance inside this zone at 1,149-1,158.98. I have reviewed charts from March, 2002, and there is a well-defined layer of resistance for the S&P 500 at 1,166.27-1,173.94.
The Nasdaq resistance is 2,072-2,102. This resistance has a focus of resistance 2,072-2,091. Next resistance above 2,102 is 2,108-2,153.83. Any time resistance is exceeded it must be treated as support until proven otherwise. Cherney is chief market analyst for Standard & Poor's