Technical Analysis: The Market Wobbles
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The market came close to doing a lot of technical damage today, but recovered much of it by the close. The Dow (first chart below) broke its all-important March channel line, but managed to climb back in by the close. If it goes much below 9160 tomorrow, it will break that line again. 9100, 9050 and 9000 are next supports, and 9352 remains the level to beat to the upside. The S&P (second chart) held critical 962 support. 986, 990, 1000, 1010 and 1015 are resistance. The Nasdaq (third chart) broke its March uptrend, but held the critical 1685 are support level. 1740, 1757 and 1776 are resistance. Once again, heavy put-buying supported the market, a good sign for the bulls.