Technical Analysis: Market At Critical Levels
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The S&P (first two charts below) closed above some major resistance on a monthly basis; now it has to hold 940 or so on any pullback. Resistance is 965, 969 and 974.60. The Nasdaq (charts three and four) will open right at its main downtrend line on Monday. If it can clear 1600, it could be headed for 1670-1720. Support is 1548-1552, 1525 and 1500. The Dow (fifth chart) has major resistance at 8870, 8931.68 (closing basis) and 9000. Support is 8700, 8650 and 8500. One negative today was the failure of either index to record 80% upside volume, a sign that buying power may be waning.
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