Technical Analysis: Stocks Stay Stalled
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The indexes continue to remain stuck in a nearly month-long trading range. Perhaps tomorrow's CPI can change that; at least the Dow and S&P closed near the top of their ranges ahead of that report. The Dow (first chart below) remains stalled at the 10,587-10,620 resistance zone. The index has put together seven straight small-bodied days, as big a sign of indecision as you'll ever see. Support is 10,520, 10,500, 10,430-10,435 and 10,405. The S&P (second chart) has formed a clear range between 1193 to the downside and 1208-1209 to the upside. The Nasdaq (third chart) faces first resistance at 2075-2080 and major resistance at 2096-2100. Support is 2065 and 2050-2053.