Technical Analysis: Dow Stopped Again
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A volatile day today, with the indexes bouncing off both support and resistance levels, as the trading range winds tighter and tighter. The Dow (first chart below) once again failed to clear 10,868 resistance, turning back after inching above that level. Support is 10,800, 10,750, 10,700 and 10,650-10,670. The Nasdaq (second chart) failed to clear its 50-day moving average today, but managed to hang on to a small uptrend line. Support for tomorrow is 2060, and resistance is 2083-2085. The S&P (third chart) failed to take out 1218 resistance. Support is 1208, 1205, 1200 and 1193-1195. On the plus side, the put-call ratio remains unusually supportive here.