Technical Analysis: Resistance Wins This Round
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Support buyers won the day yesterday, and those who sold at resistance carried the day today. The Nasdaq (first chart below) is range-bound by 2037 to the downside and 2079 to the upside. If 2037 goes, 2015-2020 is the next strong support, and 2088-2095 looks like tough resistance above 2079. 2057-2064 and 2069 are first resistance levels. The S&P (second chart) faces resistance at 1141-1144, 1150 and 1157, and support is 1134 and 1126. The Dow (third chart) has resistance at 10,500-10,520 and 10,570, and support is 10,400 and 10,330. After today's sell-off on across-the-board good news, it looks like the market could be range-bound for a while longer.