Technical Analysis: Failed Rally
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In another two or three days, the holiday rally season will be upon us; another day or two of down could be a good set-up for a year-end rally. Today's failed rally wasn't pretty, but at least it generated a little fear among options traders. The Nasdaq (first chart below) broke another uptrend line today. Resistance is 2132, 2135, 2140, 2145 and 2150, and support is 2120, 2110 and 2097. The S&P 500 (second chart) bounced nicely on its uptrend line today, but now it needs to head back up. Resistance is 1200-1203 and 1208, and support is 1189-1190 and 1178. The Dow (third chart) has support at 10,640-10,650 and 10,610-10,620, and resistance is 10,700 and 10,753.