Technical Analysis: Stocks Hang On
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The S&P and Dow (first two charts below) held some very important support levels today, bouncing at their recent downtrend lines. But now we need to see some follow-through buying or stocks will remain vulnerable. 1164 is first support on the S&P, a level we'd like to see hold at this point, and 1158 is critical. Resistance is 1175-1180. The Dow has support at 10,250-10,263, and 10,180 is critical. Resistance is 10,350-10,405. The Nasdaq (third chart) pushed a little deeper into its old downtrend line than we'd prefer to see. Support is 1944-1950, and resistance is 1974-1980, 1985, 1993 and 2005.