Nasdaq 100 Blows Past Resistance Levels

By Bryan McCormick

The major indexes staged an impressive performance Wednesday after being relatively flat out of the gate. The Nasdaq 100 broke through its resistance levels very decisively, well above the already-strong uptrend channel. The S&P 500 and the Russell 2000 nearly made it all the way to their resistance marks, the Russell missing its level by a fraction.

As a result, the Nasdaq 100 gets a new resistance level today as its previous resistance becomes support.

The S&P 500 and Russell 2000 remain as they were. If they break through resistance, the next potential upside target would be 1097.56 for the S&P, with the Standard and Poor's Depository Receipts (SPY) moving up to $107.62. The Russell 2000's next potential would be at 638.14, with the iShares Trust Russell 2000 Index Fund (IWM) moving up to $64.36.

Nasdaq 100

First support is at 1705.46. First resistance is now at 1742.52.

For the Nasdaq 100 Index Tracking Stock (QQQQ) first support is at $42.08. First resistance is at $42.75.

S&P 500 (SPX)

First support is now at 1044.44. First resistance is at 1072.91.

For the Standard & Poor's Depository Receipts (SPY) first support is at $104.85. First resistance is at $107.33.

Russell 2000

First support is now at 595.95. First resistance is now at 617.51.

For the iShares Trust Russell 2000 Index Fund (IWM) first support is at $59.61. First resistance is at $61.73.