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Technical Analysis: Keep An Eye On The Dow

The Dow (first chart below) is setting up to be the index to watch here. The index has held a rising trendline going back two months now. That line is at about 10,568 for tomorrow; a close below that line and then the 50-day moving average at 10,535 could signal a coming correction. Resistance is 10,610-10,615, 10,678, 10,705 and 10,750. The S&P (second chart) has a similar trendline just under 1140 for tomorrow, and the index would break short-term support on any move down tomorrow. 1160 is major resistance, and 1173-1177 is above that. The Nasdaq (third chart) was stopped just short of its downtrend line today. 2045-2055 is now resistance again, and 2063-2072 is above that. Support is 2030, 2018-2022, 2012, 2000, 1990 and 1978. Once again, volume rose on a down day, and continues to support the bears.