Technical Analysis: The Dow Breaks Out
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A clear victory for the bulls today. The Dow (first chart below) broke 9352-9361 resistance, and based on the size of that bullish ascending triangle, the index could be headed for 9600-9700. First resistance is 9470, and 9352-9361 is now important support. The S&P (second chart) broke its July downtrend today. 1004.6 and 1015 is resistance, and 994 and 990 are support. The Nasdaq (third chart) also had a nice breakout today, and closed right at a downtrend line at about 1740. 1757 and 1776 are next resistance levels, and 1727 and 1700 are support.