Technical Analysis: Rally Fades
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Today's rally didn't get very far, and options traders showed significant complacency — not a promising combination. About the only good news is we're near the end of the month, when new inflows could help support the market. The Nasdaq (first chart below) couldn't get past its first resistance level at 2008. 2023 and 2040 are above that, and support is 1985, 1970 and 1940-1950. The S&P (second chart) also struggled today. Resistance is 1175-1178, 1185 and 1195, and 1164 is major support. The Dow (third chart) has major support at 10,368-10,376, and resistance is 10,500-10,534, 10,600 and 10,663.