Stock indices stall at initial resistance but pressure limited

Tuesday, June 17, 2008

The firmer start for the market averages proved short lived as the three major averages stalled near initial resistances at 1366 S&P 500 (session high 1366.59), 2384 Nasdaq Comp (session high 2383.19) and 12310/12320 (session high 12322). The pullback/pressure has been limited in scope as first level supports (1355/1354, 2462/2459, 12220/12210) have not been tested thus far but a move back through 1364, 2478 and 12285/12295 is needed to neutralize the weaker pattern off the morning high.