Indexes Stall After Week of Advances

By Bryan McCormick

The indexes failed to make much progress either way Friday, following a strong week on the upside. With futures down moderately, we may see a test lower as well at the outset.

The key now is whether those sales are bought, as has been the case for the last several weeks. The big weight for the bulls will be the apparent bad news for Google (GOOG) on its exit from China's internet market.

In addition, worries about tighter policy in both India and China will provide more fuel for the bears. Can they capitalize on that? Of late, all news has seen bullish reactions.

The test is whether it will be different this time around.

Nasdaq 100 (NDX)

First support is at 1896.54. First resistance is now at 1940.68

For the Nasdaq 100 Index Tracking Stock (QQQQ) first support is at $46.64. First resistance is at $47.74.

S&P 500 (SPX)

First support is now at 1124.65, the 10-day moving average. First resistance is at 1153.41.

For the Standard & Poor's Depository Receipts (SPY) first support is t $112.83. First resistance is at $115.13.

Russell 2000 (RUT)

First support is now at 632.84. First resistance is now at 681.84.

For the iShares Trust Russell 2000 Index Fund (IWM) first support is at $63.38. First resistance is at $68.39.