RealTime IT News

Technical Analysis: Dow Holds Support

The Dow (first chart below) held onto the critical 8522-8530 support level today; if that goes, 8380 looks like the next major support. The index has rising resistance at 8605-8612. The Nasdaq and Nasdaq 100 (second and third charts) formed bearish shooting stars at their December highs; a down day tomorrow could signal a top. With Cisco (fourth chart) also putting in a shooting star ahead of tomorrow night's earnings, there's a chance the company's results won't be well-received. 1521 on the Nasdaq and 1155 on the NDX are the levels to beat. Support on the Nasdaq is 1500, 1467 and 1440. The S&P (fifth and sixth charts) continues to "wedge out" around the major 935-940 resistance zone. Support is 911-912 and 903-905.

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