Technical Analysis: A Reversal With Volume
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There was some volume behind today's reversal, and it came after the Nasdaq (first chart below) hit some pretty significant resistance on the open, the upper trendline of a potential broadening top. The S&P (second chart) has yet to come close to the same trendline, while the Dow (third chart) is clinging to the same line (we're correcting yesterday's observation that the Dow had broken out above that line; it looks like it may not have). Resistance on the Nasdaq is 1970, and support is 1920. On the S&P, resistance is 1060, and support is 1040. On the Dow, resistance is 9825, and support is 9750 and 9675-9686.