Technical Analysis: Support Holds
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The Dow (first chart below) looks like it could be forming a lopsided head and shoulders top over the last two months. A close below 10,550 could lead to a decent correction for the market. Resistance is 10,615, and a move above 10,705 is needed to lessen the bearish set-up. The S&P (second chart) is range-bound between 1140 and 1160. 1146 is first support, and 1155-1157 is first resistance. The Nasdaq (third chart) needs a move above 2060 to break its downtrend. 2045 and 2057 are first resistance levels. Support is 2018-2022, 2012, 2000, 1990 and 1978. In short, a market that needs to break some important levels one way or the other to indicate its next move.