Google's Positive Earnings Could Push Key Index Levels Higher

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By Bryan McCormick

The indexes had a relatively flat session yesterday with the exception of the Nasdaq 100. It posted a gain of nearly 1 percent, while the S&P 500 and the Russell 2000 finished with small losses.

Levels have not changed for either the RUT or the SPX today, given the relative inaction. The Nasdaq 100's levels also remain as they were, but it did manage to nudge up closer to resistance yesterday. Moving average levels have been updated for all the indexes.

With the strong earnings news from Google (NASDAQ:GOOG) after yesterday's close, we could see further upside today. The Nasdaq 100 is now back to the midpoint of its range from January to July of this year.

Nasdaq 100 (NDX)

First support is at is at 2291.64, its 200-day moving average. Support below is at 2256.70 and then at 2227.38. First resistance is at 2337.70, the pivot high from September. On a break above that pivot, next resistance is at 2373.82.

S&P 500 (SPX)

Support is at 1172.02, its 50-day moving average. On a break below the 50-day, support is at 1162.04, its 10-day moving average, then at 1136.43. Resistance is at 1220.39, then at 1230.71, the range peak of the last three months. A break above that level would snap the range, leaving next resistance at 1249.05, which was the previous range low from the start of the year.

Russell 2000 (RUT)

Support is at 683.76, its 50-day moving average, then 675.74, and 666.01. Resistance is at 701.55, then 711.27, and 718.63.