Technical Analysis: Indexes Push Long-Term Resistance
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A quick look at the weekly charts today. The Dow, S&P and Nasdaq (first three charts below) are all hitting long-term downtrend lines here. If they can push through — in a climate of rising interest rates and oil prices, at the weakest time of year historically — we'd be impressed. Back to the daily charts. The Nasdaq (fouth chart) has major support at 1912 and 1903, and resistance is 1926, 1933-1940, 1950 and 1960. The S&P (fifth chart) may be forming a broadening top here. Resistance is 1132, 1135, 1140 and 1147, and support is 1125-1126, 1120 and 1117. The Dow (sixth chart) has resistance at 10,260-10,270, 10,295 and 10,320, and support is 10,220, 10,200, 10,187 and 10,121.