Technical Analysis: An Evening Star For The Dow
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The Dow (first chart below) formed a bearish evening star today. With the lukewarm response to earnings the last couple of weeks, is the market finally getting ready for a correction? Support on the index is 10,550, 10,500 and 10,450, and resistance is 10,625 and 10,673. Time finally caught up with the Nasdaq (second chart), which fell out of its December uptrend today and failed to recapture it. Support is 2114, 2100 and 2080, and resistance is 2128-2130 and 2140-2143. On the plus side, Mondays have been strong on the Nasdaq lately. The S&P (third chart) has support at 1138 and 1132, and 1150 is resistance.