Technical Analysis: A Tale Of Two Markets
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A strange market here. The Dow (first chart below) got turned back near its yearly highs again, while the Nasdaq (second chart) is a lot closer to its lows for the year than its highs. The blue chips look like they want to head higher, while the techs seem poised for another leg down. It's hard to see the market going far without the techs leading the way, but the blue chips are giving it their best shot. The Dow has major resistance at 10,868, while 10,700 — the middle of the bullish "three white soldiers" that formed last week — is important support. The Nasdaq held 2040 support today, but not by much. 2023 is below that, and 2080 is major resistance. The S&P (third chart) faces major resistance at 1212 and 1218, and 1192-1195 is major support.