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Technical Analysis: Rally Turns Wobbly

The rally turned a little wobbly today, but it's probably not too soon to mention that Thanksgiving week has been up 90% of the time historically. This week has the added volatility of being an options expiration week, however. The Nasdaq (first chart below) stalled at the 2100 level today, getting as high as 2112. 2153 was the index's January peak, and support is 2095, 2087-2090, 2070 and 2050-2062 (2055). The S&P 500 (second chart) stalled at 1190-1200 resistance, and support is 1170-1177 and 1162-1163. The Dow (third chart) has resistance at 10,600, 10,670 and 10,753, and support is 10,487-10,500, 10,440 and 10,400.



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