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Technical Analysis: Stocks Turn Back Up

Another rally attempt by stocks today, but without support from interest rates (first chart below), they're unlikely to begin a sustained advance. The Nasdaq (second chart) faces resistance at 2100 and 2115-2119, and support is once again 2070-2073. The Dow (third chart) faces major resistance at 10,435-10,440 and 10,500, and support is 10,350. The S&P (fourth chart) is once again knocking on the big resistance areas of 1199-1201 and 1205, and first support is 1190-1192.