Technical Analysis: At Last, A Bounce
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A nice-looking bounce today suggests that more upside is possible, and put-buying remained fairly active for an up day, another positive. The negatives were declining volume and unimpressive upside volume, which suggests for now that the bounce is corrective, and we still have bearish "three black crows" formed last week that remain very much in play. The Nasdaq (first chart below) recovered 1821 resistance, which is now first support. 1812-1814, 1800 and 1786 are next supports, and 1840, 1850 and 1860 are resistance. On the S&P (second chart) 1010-1015 is major resistance, and 1000-1002 and 995 are support. The Dow (third chart) recovered 9352-9361 resistance, which is now first support, and 9293 is below that. Resistance is 9450-9500.