Technical Analysis: Dow, S&P Stopped at Resistance
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The S&P (first chart below) remains the index to watch here: it was stopped at its main downtrend line today, but held support at its 200-day moving average. Resistance is 1167 for tomorrow, and support is 1156. The S&P and Dow (second chart) also may have completed a correction in a downtrend today, with two equal-sized legs off the mid-April lows, further complicating the picture here. Is it bull or bear? The answer should come soon. The Dow faces resistance at 10,315 and 10,350-10,375, and support is 10,188-10,220. The Nasdaq (third chart) could rally 100 points and still be in a downtrend. First resistance levels are 1942-1945 and 1950, and support is 1925, 1916 and 1910.