Markets & Finance

Stocks' Momentum Cooling


By Paul Cherney We are entering the quarterly confessional season.

Even though end-of-day measures are weakening, momentum measures on price and volume have not deteriorated to levels that shift the odds to favor a short-term trend lower. A consolidation sideways with a negative bias might unfold on Monday, this "guess" is based on the inability of the S&P 500 or the Nasdaq to forcefully move higher, not on any technical measures.

Immediate Nasdaq

support remains 1,896-1,876, then 1,868-1,840. If the index moves lower and prints below 1,892.00 for more than 4 minutes without attracting buying interest to move prices higher, then, immediate intraday downside risk for prints 1,883 and lower will increase.

S&P 500 support is 1,123-1,117, which overlaps 1,118-1,113, making the 1,118-1,117 area a focus of support. Next support is 1,110-1,094.

The S&P 500 is testing immediate

resistance at 1,123-1,130.33. This year's June price action established more formidable resistance in the 1,129-1,146.34 area, with a focus of resistance 1,132-1,140.

Immediate resistance for the Nasdaq is 1,912-1,933.03, resistance thickens with prints of 1,919 and higher. The next area of well-defined resistance is prints of 1,960 and higher. Cherney is chief market analyst for Standard & Poor's


Silicon Valley State of Mind
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Sponsored Financial Commentaries

Sponsored Links

Buy a link now!

 
blog comments powered by Disqus