Technical Analysis: Rally Gets A Little Wobbly
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The rally got a little wobbly today, but the indexes continue to take out major resistance levels, and sentiment remains supportive. The Nasdaq (first chart below) stopped short of 2000 today and formed a doji star, a hint of a potential pullback. Resistance is 1993 and 2000, and support is 1969-1973 and 1957. Fridays before holiday weekends are usually up, but the market has the extra baggage of terrorism worries this weekend. The S&P (second chart) faces resistance at 1125-1126 and 1129, and support is 1120, 1117, 1115 and 1112. The Dow (third chart) took out a rising resistance line today, another plus for the bullish case here. 10,140 is now support, and 10,225-10,250 is strong resistance.