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Technical Analysis: Still Waiting

The market has yet to give an all-clear signal, so we're still watching and waiting. The NYSE failed to put in back-to-back 80% upside volume days, so no sign there; the index now needs a 90% upside volume day to confirm its recent low as a major bottom. It doesn't mean the index can't continue up, but the signals won't be as clear as they would be with evidence of sustained buying interest. The other thing we're watching are the recent highs of 1126 on the S&P, 10,329 on the Dow, and 1985 on the Nasdaq, and none of those levels were even tested today. On the Nasdaq (first chart below), support is 1955, 1940, 1928-1930, and 1923, and resistance is 1973-1977, 1985-1991 and 2000. The Dow (second chart) has resistance at 10,272 and 10,329, and support is 10,181 and 10,050-10,131. The S&P (third chart) has support at 1098-1102 and 1192, and resistance is 1115 and 1122-1126.