By Bryan McCormick
Friday's close was important for both the Nasdaq 100 and the Russell 2000, both of which edged their resistance levels at the close. This was particularly significant as these resistance levels were the 10-day moving averages, and it was a positive to see these broken to the upside.
The S&P 500 lagged that recovery and failed to close above resistance. Its levels therefore remain as they were on Friday morning.
The Nasdaq 100 and the Russell 2000 get new levels. With futures indicating a positive open, the bulls have an opportunity for a breakout. But we should keep in mind that the tape had a good run to the upside just two weeks ago, then snapped like a twig.
There is a substantial amount of technical damage to repair before the bulls can call an all-clear.
Nasdaq 100 (NDX)
First support is at 1834.47, the 10-day moving average. First resistance is now at 1867.87.
For the Nasdaq 100 Index Tracking Stock (QQQQ) first support is at $45.16. First resistance is at $45.89.
S&P 500 (SPX)
First support is now at 1069.89, previous resistance. First resistance is at 1098.43.
For the Standard & Poor's Depository Receipts (NYSEARCA:SPY) first support is at $107.37. First resistance is at $109.58.
Russell 2000 (RUT)
First support is now at 640.77, the 10-day moving average. First resistance is now at 657.54.
For the iShares Trust Russell 2000 Index Fund (NYSEARCA:IWM) first support is at $64.40. First resistance is at $65.60.
Disclosure: No positions