Tuesday, October 31, 2000 5:53:47 PM
Stocks Entering Prime Time
Tuesday October 31, 2000 (4:48 pm ET)
By Paul Cherney, S&P Market Analyst
NEW YORK, Oct. 31 (Standard & Poor's) - Historically, November, December and January (taken as a group of three consecutive months) represent the best performing three months of the year for equities. We have now entered that period.
I think the tests and the retests of the NASDAQ lows are finally over but advances will be full of starts and stops (because there are so many layers of resistance above the current prices).
Downside risk appears limited, but retracements are a natural part of any attempt to advance.
Immediate NASDAQ resistance is 3400-3535 with a focus 3467-3498. Immediate NASDAQ support is 3333-3279.
The S&P 500 has entered an area which will probably see a stall in the advance (temporarily): 1416-1444. There is overlapping resistance 1431-1462 which makes the 1431-1444 area a focus of resistance. Immediate S&P 500 support is 1415-1379 with a focus 1407-1391.
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