RealTime IT News

Technical Analysis: Funny-looking Candlesticks

A nice rally for most of the day, but the blue chips showed some cracks toward the close. The banks (first chart) finished with a bearish shooting star; 900 is important support there. And to show you what happened in the S&P, we'll show you the SPY tracking stock (second chart), which ended lower than its open in a doji star. In short, a move down Monday could be the start of something. The Nasdaq (third chart) looks much better. Only two levels to watch there: 1860 to the downside, and 1914 to the upside. On the S&P (fourth chart), 1040 and 1050 are major resistance, and 1020 and 1015 are support. The Dow (fifth chart) faces major resistance at 9686, and 9500 and 9350 are support. Stochastics are back to overbought on the indexes.