Technical Analysis: Nice Bounce
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A nice assault on some major resistance levels by the major indexes, although once again an up day came on lower volume, even odder when you consider first of the month inflows. We had some nice fear among options traders today, a positive. The Nasdaq (first chart below) cleared the tough resistance level of 2045-2055, which now becomes important support. 2063-2072 is the next big resistance level, and if the index can clear that, it may be pointed up again. The S&P (second chart) is once again at the major 1160 resistance level, and 1173-1177 is above that. Amazing that the S&P has gone almost a year without a 5% correction, the longest such streak since the 1930s. Support is 1147-1150. The Dow (third chart) has resistance at 10,705, 10,750 and 10,800, and support is 10,637 and 10,612. 10,550 is major support.