Technical Analysis: Outside Day
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A nice turn back up for the indexes today. Is it the start of the holiday rally? Time will tell, but it's a promising start. For one thing, we got a new high on the Dow (first chart below), the one index that had really been lagging. And the S&P (second chart) put in an outside day today, a promising pattern on that index. Now we need to see follow-through buying. The Nasdaq (third chart) faces resistance at 2155 and 2165-2175, and support is 2140. The S&P 500 has support at 1200, 1195 and 1190, and resistance is 1208 and 1215. The Dow has a lot of resistance in the 10,800-11,000 range, and support is 10,700 and 10,650.