RealTime IT News

Technical Analysis: Reversal Back Up

The Nasdaq (first chart below) pierced its uptrend line today but then recovered; critical support for Monday should be at about 1695. 1727-1747 is resistance. The Nasdaq's bounce and internals were unimpressive, so techs will have to build on today to make something of this rally. The index also gave a weekly stochastic sell signal (not pictured) for the first time since the March rally began; the Dow and S&P recovered strongly enough today so that they did not give weekly sell signals, so there's some hope that the Nasdaq can reverse back up too. The Dow (second chart) has support at 9150 and 9100, and 9025 is critical support. That 9000 level seems to be what's been holding up the market the last month or so. Resistance is 9238-9278 (9250) and 9352. The S&P (third chart) has resistance at 1002, 1010 and 1015, and support is 983-984 and 975.

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