Technical Analysis: An Evening Star For The Dow

Written By
Paul Shread
Paul Shread
Published: Jan 23, 2004
Updated: Jul 16, 2021
1 minute read

The Dow (first chart below) formed a bearish evening star today. With the lukewarm response to earnings the last couple of weeks, is the market finally getting ready for a correction? Support on the index is 10,550, 10,500 and 10,450, and resistance is 10,625 and 10,673. Time finally caught up with the Nasdaq (second chart), which fell out of its December uptrend today and failed to recapture it. Support is 2114, 2100 and 2080, and resistance is 2128-2130 and 2140-2143. On the plus side, Mondays have been strong on the Nasdaq lately. The S&P (third chart) has support at 1138 and 1132, and 1150 is resistance.

Paul Shread

Paul Shread has covered nearly every aspect of enterprise technology in his 20+ years in IT journalism, including an award-winning series on software-defined data centers. He wrote a column on small business technology for Time.com, and covered financial markets for 10 years, from the dot-com boom and bust to the 2007-2009 financial crisis. He holds a market analyst certification.

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