Technical Analysis: Too Much Too Soon?
Page 1 of 1
If there was a downside to today's action, it was that there was too much of a good thing. There was 90% upside volume on the NYSE today — had that been preceded by a 90% downside volume day, it would have been bullish, but by itself, it is more likely to mark buyers' exhaustion. Still, the market could continue up for a while just on momentum. The Dow and S&P (first two charts below) ended the day right at 9954 and 1079 resistance; a big decision point for the market here. Above 9967, 9990-10,008 is next resistance on the Dow, and 10,068-10,100 is above that. Support is 9880-9900 and 9855. The S&P has resistance at 1081, 1085, 1090-1092 and 1097, and support is 1067-1070. The Nasdaq (third chart below) has support at 1775 and 1769, and resistance at 1790, 1800 and 1808.