Technical Analysis: Still Looking For Volume
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The market still lacks conviction here, with volume continuing to fall. The indexes all formed dojis today, or small-bodied candlesticks that suggest indecision; a move down tomorrow could be the start of another leg down. The Nasdaq (first chart below) has major resistance at 2080-2088, 2100 and 2120, and support at 2050-2053, 2040-2044, 2030, 2025 and 2012. The S&P (second chart) has resistance at 1145, 1150 and 1155, and support at 1136, 1132 and 1126. The Dow (third chart) may still be forming a head and shoulders top here. Resistance is 10,600-10,618, 10,673 and 10,705, and 10,545, 10,500 and 10,450-10,460 are support.