Technical Analysis: Dojis
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Dojis, or unchanged candlesticks, on all the indices today, a sign of indecision. Before tomorrow's big jobs report, that's a pretty rational stance to take. The indexes all stalled at pretty significant resistance today - 1843 on the Nasdaq, 1022 on the S&P, and 9511 on the Dow (see charts below) - so a move through those levels should mean higher prices. To the downside, they also bounced at some pretty important levels - 1821 on the Nasdaq, 1013 on the S&P, and 9427 on the Dow. All levels to watch for tomorrow. Below 1812-1821, 1776-1780 is the next big chart support for the Nasdaq, and 1860 is major resistance above 1843. Below 1010-1015, 1006 and 1000-1003 come into play on the S&P, and 1030-1032 resistance is above 1022. On the Dow, the 9350-9400 level is important support, with 9200-9250 below that, and 9511 and 9600 are resistance. Finally, on the banks (fourth chart), where have we seen that pattern before?