Technical Analysis: Impressive Reversal
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An impressive high-volume reversal today, with high put volume too. Some follow-through to the upside is likely, but will it be enough to take the indexes through some major resistance levels? The Nasdaq (first chart below) faces major resistance at 2023-2025 and 2040-2050, and support is 2000, 1993 and 1968-1970. The Dow (second chart) has the most clearly defined trading range of the major indexes: support is 10,360, and resistance is 10,560. First support levels are 10,450 and 10,385. The S&P (third chart) has support at 1180 and 1171-1174, and resistance is 1194 and 1200.