Technical Analysis: Tug of War Continues
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Note: The Technical Analysis column will return on Monday, Dec. 18.
The bulls appear to be having as much trouble as the bears here, as the market continues to wind up in a tight range. The Nasdaq (first chart below) is range-bound between 2430 and 2450; a strong break of that symmetrical triangle should be worth a good move. The S&P (second chart) stalled just below its 52-week high of 1418, but 1422 is a more important resistance level, a trendline that's been touched on nine trading days and counting. Support is 1411, 1404, 1398-1400 and 1392. The Dow (third chart) barely cleared 12,355-12,361 resistance before turning back at 12,368. Support is 12,285, 12,230-12,250 and 12,160. Bond bears (fourth chart) are having the most success they've had in some time.