Technical Analysis: Bulls Show Resilience
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So far, Thanksgiving week is living up to its historically bullish bias, as dip buyers came in to support the market again today. The downside is that the bulls weren't able to take out any major resistance levels to the upside. The Nasdaq (first chart below) got stopped at a downtrend line today. That line will be at about 2090 tomorrow, with 2100 and 2112 key levels above that. Support is 2065-2070, 2061, 2050 and 2032-2034. The S&P 500 (second chart) will open near a downtrend line at 1178 tomorrow, with 1180 and 1185-1200 big levels above that. Support is 1170 and 1162-1167. The Dow (third chart) is the weakest-looking index, forming a possible bear flag the last two days. Support is 10,440, 10,400 and 10,350, and resistance is 10,520-10,560 and 10,602.