Last week the Nasdaq led despite the late pullback on Thursday as it gained 2.1% for the week while the S&P added 1.8%. The Russell 2000 on the other hand pulled back a bit and closed down 0.5% for the week. With the rally in the markets, the VIX slid back down to close at $15.81, posting a loss of about 14% for the week. This week there isn't much data but we will get the first FOMC minutes under new Fed Chair Kevin Warsh on Wednesday. Earnings season will also begin to kick off with Delta Air Lines (DAL) and Pepsi (PEP) being the most notable to report. Earnings season will continue with the big banks beginning to report in the following week.
The Nasdaq last week got rejected near its primary weekly downtrend resistance but it didn't break through it, so it doesn't start any new weekly trends. For this week, its primary downtrend (white) will again be the first resistance level to watch at 26,175-26,200.
If we get another sell-off, the first support in play will also be from its primary downtrend (white - bottom of the range) at 24,175-24,200. If that doesn't hold, its prior downtrend (blue) will be the last support to watch at 23,825-23,850.
The S&P remained within its primary weekly uptrend (white) as well so it doesn't start any new ranges for this week either. This will likely be the only range in play for this week with resistance at 7,680-7,690 on a continued rally and support at 7,290-7,300 on a pullback.
The Russell 2000 also traded within its primary uptrend last week, so it also doesn't start any new weekly ranges. It continues to have several resistance levels above it with the first being at about 3,088 from its primary uptrend (white). Above that it also has resistances at 3,092 (yellow) and then 3,100-3,105 from both of its next two uptrends (purple and blue).
These same ranges will act as support on a pullback from the lower ends of the ranges. The first will be at 2,920-2,922 (yellow), then 2,913-2,914 (blue), and finally 2,892-2,893 (white).
