Technical Analysis: A Critical Moment
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The indexes ended the day at some interesting levels. The Nasdaq (first chart below) closed just below its downtrend line and 50-day moving average. A gap above 2060 would take care of both resistance levels. Will the jobs report give it the fuel it needs, or will the techs once again be turned back at resistance? Support is 2050, 2045, 2031 and 2018-2022. The S&P (second chart) is once again pushing critical 1160 resistance. 1155-1157 is first resistance, and support is 1148-1150 and 1140. The S&P could be forming a bullish ascending triangle, but the Dow (third chart) looks like it could be forming a bearish head and shoulders top, two completely contradictory patterns. A close below 10,550 or a break above 10,705 could indicate which way the Dow is headed. 10,625 is first resistance.