Technical Analysis: A Nice Reversal
Page 1 of 1
A nice reversal today, but the amount of time it took for the market to reverse means that it could become overbought as soon as tomorrow. Historically, this is one of the most positive weeks of the year, but we're not sure the market is ready for new highs just yet. On the Nasdaq (first chart below), resistance is 1950, 1960 and 1967-1970, and support is 1940, 1930 and 1920. The S&P (second chart) has resistance at 1053-1054 and 1060-1063, and support at 1043, 1040 and 1038. The Dow (third chart) has resistance at 9765-9800, 9850 and 9900, and support is 9700 and 9650-9665.