RealTime IT News

Technical Analysis: Momentum Builds For Blue Chips

Nice bullish "three white soldiers" patterns on the Dow and S&P the last three days (see first two charts below). The Nasdaq (third chart) would need another 13-20 point gain on Monday to join the club. That's the one thing that troubles us about the market here — the techs continue to lag, barely clearing 50% upside volume today. The Nasdaq needs to take out 2080, 2090 and 2106-2112 before the index is in the clear. Support is 2050-2055 and 2040. The Dow still has to take out 10,868, while support is 10,800, 10,750 and 10,700. The S&P still has to clear 1218, and 1190-1200 should now be solid support.