Technical Analysis: Where Has All The Volume Gone?
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Solid internals today, but the market continues to rally on falling volume, suggesting it may not be out of the woods just yet. The indexes had gotten pretty oversold, which has historically led to a bounce more often than not, but rising volume today would have been more supportive of a trend change. The Nasdaq (first chart below) has major resistance at 2080-2088, 2100 and 2120, and support is 2050-2053 and 2040-2044. The S&P (second chart) has resistance at 1144, 1150 and 1155, and support is 1140, 1136, 1132 and 1125. The Dow (third chart) is facing some significant resistance at 10,600. Above that, 10,673 and 10,705 are resistance, and 10,537, 10,500 and 10,450 are support.