S&P 500 and Nasdaq 100 Support Levels

11/12/2010 9:56 am EST

Focus: OPTIONS

Thomas Aspray

, Professional Trader & Analyst

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The correction in the stock market this week has been mild so far with the S&P 500 holding short-term support at 1204. There is stronger support and the 20-day exponential moving average (EMA) in the 1185-1195 area, but the 38.2% support is much lower at 1155. The Nasdaq 100 has been leading the market higher and the 20-day EMA is 40 points below Thursday’s close at 2133. The Nasdaq 100 has stronger support at 2060-2095, which also corresponds to the April 2010 highs.

Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.