Technical Analysis: Market Closes At Resistance
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The indexes all closed right at or just under resistance today, and with rising volume and strong internals, including more than 80% upside volume on the NYSE and Nasdaq, the indexes may have the power to break through. The S&P (first chart) is back near 1033 resistance. If it can clear that, 1051 could be next. Support is 1020-1022 and 1015. The Nasdaq (charts two and three) could be headed for the major resistance zone of 1900-1950 if it can clear 1888.7. 1860 and 1840 are support. The Dow (chart four) has resistance at 9610 and 9700-9800, and support at 9500 and 9352-9361. IBM (fifth chart) is once again knocking on 90.41 resistance. The banks (sixth chart) would look good if they can clear 880-882. Finally, in Elliott wave terms, the indexes look like they could be in a fifth wave up, perhaps wave 3 of 5 or 5 of 5, which means that there would likely be more upside, but once the up leg is over the market may finally correct.