Market News

January 9, 2012  Mon 12:46 AM CT

There was very little change in markets on Friday, with the Nasdaq 100 taking the lead as outperformer on the day and year to date.

Other than some tweaks to existing supports at moving-average levels, there were no changes of note. This could be a pause before we get more earnings reports in coming weeks as the season heats up.

One potential pattern to be aware of in all of the indexes is a rising bearish "wedge." If these formations are to trigger, they would need to do so in the next few days. If they do not, the patterns will expire.

Nasdaq 100 (NDX)

Support is at 2343.10, then a previous pivot high at 2337.70, and thereafter at 2316.90. Resistance is at 2359.82, then at 2375.10, and after that at 2389.91.

S&P 500 (SPX)

Support is at a previous pivot high at 1277.55, then its 10-day moving average at 1266.83, and thereafter at its 50-day moving average at 1240.85. Resistance is at 1284.91, then at the October 2011 pivot high at 1292.66, and at 1305.44 after that.

Russell 2000 (RUT)

Support is at its 10-day moving average at 746.75 and then at 735.03. Below that, next support is at its 50-day moving average at 731.39 and then at 715.09. Resistance remains at a recent pivot high at 752.71, then at its 200-day moving average at 761.44, and thereafter at 773.58.

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