Technical Analysis: Another Reversal
Page 1 of 1
Another day, another reversal; extreme volatility within a very narrow range is about as tough as it gets. The Dow (first chart below) cleared 9200-9250 resistance today, only to get stopped at an old high at 9280. 9075 is critical support. The Nasdaq (second chart) put in a nasty bearish engulfing candlestick today. 1690 and 1680 are support, and 1727-1747 remains resistance. The S&P (third chart) is clinging to its 50-day moving average at 978-979. 962 is next support below that, and 1000 is resistance. The VIX (fourth chart) dipped below 20 today, only to put in a potential reversal too; that could be another negative for the market. In short, a market that is on the edge.
Don't miss the Company of the Week every Monday at http://www.wsrn.com/COW/.