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Technical Analysis: Rally Hits Resistance

The Dow and S&P (first two charts below) stalled at the broken necklines of their recent head and shoulders tops today — not a good sign for the bulls if the Dow can't clear 10,512 or the S&P 1175. Support on the Dow is 10,400, 10,368 and 10,250-10,280, and the S&P has first support at 1166 and major support at 1160-1163. The Nasdaq (third chart) faces resistance at 2030, 2037-2044, 2050, 2058, 2065 and 2073, and support is 2000-2008 and 1975-1980.