Technical Analysis: Support Holds Once Again
Page 1 of 1
Except for rising volume on the NYSE, a sign of distribution, we'd have to characterize today as not bad under the circumstances. The indexes all held support (see charts below), and the internals were fairly solid despite the index losses. In short, despite the Nasdaq's intermediate term sell signal - which the NYSE still hasn't confirmed - the market hasn't done any technical damage as of yet, so a turn back up remains a possibility. The Nasdaq (first chart) is holding that 1597-1600 support nicely. If that goes, 1575-1580 is next. Resistance is 1620-1630 and 1640-1650. The S&P (second chart) also continues to hang on, with 963-965 next support. Resistance is 985-990. The Dow (third chart) is sitting right on 9000 support. 8931 is next, and then 8775. Resistance is 9100 and 9175.
Special report: For a free introduction to technical analysis and chart patterns, visit http://www.internetstockreport.com/guest/article/0,1785,2571_5/00051,00.html.