S&P Update

By September 23, 2012 Market Analysis No Comments

Last week was a tight range week and market did not move enough either up or down. There was some weakness in the market on September 20th and September 21st. S&P on Friday closed at 1460.15. It is trapped in between support and resistance which is 1442 and 1471. If S&P breaks 1442 then could fall to 1430. If S&P breaks 1471 then it will move higher towards 1500 target. The September 20th move of S&P was bullish as it went down to 1449 and later in the day bounced off 1449 and closed at 1460. However, on Friday – September 21st, the move was bearish as it failed to conquer the resistance of 1468. It went to 1467 and closed at 1460. It seems investors/traders are not making any further move in the market. They are being cautious.

Dow Jones support is at 13,445 and target is 13,750.

NASDAQ 100 support is at 2828 and target is 2887 and 2950.

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