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Technical Analysis: Another Day, Another Rally

The market continues to push higher with little more than a breather; impressive strength indeed. With bullish "three white soldiers" forming on the Nasdaq and Dow weekly charts (see charts below), we could see more upside after a correction. The Nasdaq (first chart below) took out 2079 resistance today. 2100 is next, and then 2153, the index's recovery high. 2079, 2050-2055, 2040-2041 and 2032-2034 are support. The S&P 500 (second chart) cleared the major resistance level of 1173-1177, with 1190-1200 next and 1227-1244 above that. Support is 1173-1177, 1160-1163, 1157, 1150 and 1140-1142. The Dow (third chart) has resistance at 10,570, 10,670 and 10,753, and support is 10,487-10,500, 10,400 and 10,300.