The Nasdaq composite index managed to close above the 2,017.66 level and in my view of the chart, that increases the chances for additional upside.
The S&P 500 index is right at the top edge of its recently established trading range and a close over 1,193.28 would be a positive.
Expecting prices to make a move higher, but at this time I think the upside might be just a short-term modest gain unless there are bigger improvements in the volume measures.
Now, the Nasdaq 2,017.66-1,968.58 area is immediate
Technically, the S&P 500 remains inside the trading range so these comments remain valid: Immediate support for the S&P 500 is 1,189-1,182 then 1,179-1,163.69. The S&P 500 has a concentration of support 1,169-1,163. Under 1,163, the next layer of support is 1,147-1,120, inside 1,147-1,120 there is a focus of support 1,142-1,131. It would take a close above the 1,193.28 level to increase the chances for additional upside.
The Nasdaq has
resistance at 2,017-2,027 so prices might stagger in this area for a day or two. But in the short-term, I do not think it would be healthy to see a retracement that generates Nasdaq prints under 1,992.60. The close above 2,017.66 should be a short term positive. Next resistances are 2,036-2,059 and 2,047-2,069.42, which makes the 2,047-2,059 area a focus of resistance. Additional resistances are directly over the 2,069 level at 2,078-2,093.68 and 2,101-2,111.43.
The S&P 500 has immediate resistance at 1,178.82-1,189.80, there is a particularly well-defined layer of resistance at 1,183.78-1,188.40 (generated ahead of the FOMC announcement on Tuesday, Mar. 22). Next resistances are 1,190-1,193.28, then 1,199-1,210; resistance gets thick at 1,204-1,210.54. There is broad resistance at 1,206-1,229.11, which has a focus of resistance at 1,213-1,219. Above 1,229, the next layer of resistance is 1,240-1,286, with a focus at 1,246-1,261.
The VXO moved lower Thursday, but prices did not react by moving higher so I am focusing my attention on the trading range prices Cherney is chief market analyst for Standard & Poor's