Technical Analysis: A Tale Of Two Indexes

The Dow and S&P (first two charts below) are telling two potentially different stories. The Dow could be a bullish ascending triangle – if it can clear 9352-9361. The S&P, on the other hand, could be a bearish descending triangle if it can’t clear 995 or so. Watch those levels for a resolution. Support is 9150-9200 on the Dow, and 980 on the S&P. The Nasdaq (third chart) just might be a bull flag – but at 4 weeks old, it’s at the outside limit for the pattern; it needs to clear 1700 soon. 1680-1685 is support.

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