Technical Analysis: S&P Holds Support
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A nice save by the blue chips today. The S&P (first chart below) held its recent lows in the 1936-1940 range today, encouraging buying. That level is now critical support, and 1164 and 1170 are critical resistance, with the 200-day moving average at 1155 a pivot point. The Nasdaq (second chart) may have even more important support here — the lower trendline touching the January low and the two lows this month. Support is 1904 and 1887, and resistance is 1940 and 1968. A nice hammer on the Nasdaq today, ending the day back at yesterday's open. The Dow (third chart) has support at 10,150 and 10,048-10,070, and resistance is 10,263, 10,300 and 10,350-10,375.