Technical Analysis: Dow At Support
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The market needs to head up from the get-go on Monday or we'll get our first real technical damage. The Dow (first chart below) is clinging to its all-important March channel line. If it holds today's low of 9138 on Monday, it could form a bullish ascending triangle. If it can't, the market has lost its most important support. Below 9138, 9090, 9000, 8950 and 8871 are possible supports. 9352 is still the level to beat to the upside. The S&P (second chart) could also form an ascending triangle if it can turn up on Monday. 985-986 and 1000 are resistance. Below 979, 962 is the next strong support. The Nasdaq (third chart) also must turn up to avoid a breakdown. If it heads down on Monday, 1700 and 1685 are supports. 1740, 1757 and 1776 are resistance. At least there was a fair amount of put-buying today.
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