Technical Analysis: Stocks Push Through
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Some nice moves by the bulls today, and on significantly improved breadth and buying pressure. Not enough to declare a definitive bottom, but enough to be hopeful entering the most positive period of the year for the market. The Nasdaq (first chart below) took out a lot of resistance today. Next up are 2130, 2140 and 2150, and 2110-2112, 2106 and 2100 are support levels to watch. The Dow (second chart) got back above 10,350, which should now be support. 10,425, 10,450 and 10,500 are the next levels to beat. The S&P (third chart) still faces some tough resistance at 1201 and 1205, and then 1212 and 1220-1225 come into view. To the downside, we'd like to see 1190-1191 hold; 1197-1198 would be even better. Finally, looks like bond traders (fourth chart) had more reservations about the new Fed chairman than stock traders did.