Technical Analysis: Stocks Stabilize
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Admittedly not the prettiest of days, with rallies that didn't get very far, but there is one small hopeful sign on the Nasdaq (first chart below) a bullish harami cross, or a small candlestick within a large red candlestick. The major indexes all finished with inside days trading ranges completely within the previous day's range reflecting at least indecision here. More support in the form of a bond rally would help, but stock do have the makings of a bounce if buyers can follow through. The Nasdaq faces its first major test at 2100-2112, and 2077-2082 is critical support. The S&P (second chart) faces resistance at 1197-1202, 1205, 1210 and 1215, and support is 1190-1192, 1185 and 1180-1182. The Dow (third chart) has support at 10,218, and 10,395 is the level to beat to the upside.