Technical Analysis: Indexes Turn Up
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Not a bad start — the indexes all took out some pretty significant resistance today. The Nasdaq (first chart) took out its downtrend from earlier this month. The index still faces some major resistance ahead — notably 2008, 2023 and 2040 — but it has to start somewhere. Support should now be 1990-1993. The Dow and S&P (second and third charts) cleared four-day resistance zones today, another positive. The Dow still faces its main downtrend line at 10,575, and support is 10,525-10,534, 10,500 and 10,455. The S&P took out its main downtrend line in addition to clearing a four-day consolidation. Support should now be 1176-1177, and resistance is 1185 and 1193.