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The S&P 500 support levels were inadvertently left out of the 1-19-02 report. The following is a recount of the support and resistance levels for the S&P 500, Nasdaq, and Dow.
Support and Resistance
Nasdaq: Closed at 1930.34.
Resistance: The March 2000 down trendline at 1955. Then 2000 and the 18 day MVA (1989.48). After that, the December intraday high at 2065.69, followed by the January intraday high at 2098.88.
Support: The 200 day MVA (1933.10) along with the November consolidation tops at 1934 to 194 have been undercut, but not completely broken. Then the bottom of that consolidation at 1875.
S&P 500: Closed at 1127.58.
Resistance: The 50 day MVA (1139.05) was broken and tested last week; that makes it the level to beat. Then 1150 and the 18 day MVA (1145.20). Then the 200 day MVA (1166.62) and the December high (1173.62) and January high (1176.55) all line up as strong resistance.
Support: 1125 represents prior consolidations from August and November, and prior bottoms from March, November and December 2001. The March 2000 down trendline is also at 1124. After that is 1100, the tops of the November consolidation range. That is followed by a range of support from 1075 to 1050, the 1050 level holding twice in October.
Dow: Closed at 9771.85.
Resistance: The 50 day MVA (9892.90), as with S&P, has been broken and tested. Then 9992 to 10,000. After that the 200 day MVA (10,104.93).
Support: Trying to hold at the 9,750 level (November low at 9691; December at 9736). After that there is not much to stop it from 9600 to 9500. 9500 has been good support prior in the rally.
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