Technical Analysis: A Nice Recovery

The one positive for the market to build on here is that the Dow and S&P (first two charts below) didn’t follow the Nasdaq (third chart) to new lows today. That said, the market won’t go far without tech stocks; maybe Dell’s earnings tomorrow night can do something about that. Also, retail sales will be reported in the morning and the PPI on Friday. The Nasdaq has support at 1775, 1769 and 1750-1760, and resistance is 1787, 1800 and 1808. The S&P has support at 1070 and 1067; if the index can hold 1067, it will have a bit of an uptrend going. Resistance is 1079-1082, 1086 and 1090-1092. The Dow has support at 9900, 9875 and 9840-9858, and resistance is 9954, 9990-10,008, 10,068 and 10,102.

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