Technical Analysis: A Pause That Refreshes

Buying demand still appears to be pretty strong, as stocks didn’t pull back much at all today before buyers came in. The Nasdaq (first chart below) is a long way from a test of major support in the 1990-2000 range. First support levels are 2033, 2020 and 2008-2012, and resistance is 2050 and 2060. The S&P and Dow (second and third charts) are close to their short-term uptrend lines here. The S&P has support at 1188, 1184 and 1180, and resistance is 1192-1194 and 1200-1201. The Dow (third chart) closed right on its short-term uptrend line. 10,392-10,405 is important support below that, and resistance is 10,500 and 10,570-10,620.

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