Technical Analysis: Buying Pressure Returns
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The best thing about today was the strong internals, which suggests that buying interest may have finally returned. The Nasdaq (first chart below) faces its next big test at 1970-1973, and 1953 should now be strong support. The S&P (second chart) broke above a rising resistance line today, another bullish development. We'd now like to see 1107-1110 hold as support. Resistance levels are 1115-1117, 1120, 1126 and 1130. The Dow (third chart) took out major resistance at 10,048, but stopped at a rising resistance line. If it can keep going, 10,170 and 10,225-10,250 are the next resistance levels, and 10,050 should now hold as support.