Technical Analysis: Indexes Wind Up
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Stocks went nowhere for the third straight day today, setting up a possible big move next week. The Nasdaq (first chart below) had its second straight doji or unchanged day at its 50-day moving average, and today was also an "inside day," meaning it was completely within yesterday's range. That's a good set up for a reversal, if the bulls can pull it off or a continuation move lower if they can't. Resistance is 2145 and 2165, and support is 2131-2132, 2114-2116 and 2106. The S&P (second chart) had its third straight doji at its 50-day average another index wound up for a big move. Support is 1216-1217, and 1223-1227 is resistance. The Dow (third chart) has important support at 10,490-10,500, and resistance is 10,610.