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Technical Analysis: Confidence Booster

Will today's dramatic turnaround be the spark that finally drags the market out of the doldrums? It's as good a chance as the bulls are likely to get. The Nasdaq (first chart below) opened the day at 2050 support and closed just below 2080-2086 resistance, with the major level of 2100 still waiting above that. The Dow (second chart) also staged a powerful reversal after falling through 10,250-10,263 support, but the index still must take out the tough 10,405 and 10,445 resistance levels. The S&P (third chart) has support at 1194-1195 and 1189-1190, and resistance is 1200, 1205-1206 and 1210-1212.