Technical Analysis: Bears Remain in Control

Despite solid rally attempts, the Dow and S&P (first two charts below) have been unable to get back above the broken necklines of their recent head and shoulders tops. A strong move above 10,512 on the Dow and 1175 on the S&P would be a win for the bulls, but until those levels are taken out, the bears remain in charge. On the plus side, there was some nice put buying for an up day today. Support on the Dow is 10,463, 10,400, 10,368 and 10,250-10,280, and the S&P has support at 1170, 1168, 1166 and 1160-1163. The Nasdaq (third chart) faces tough resistance between 2058 and 2073, and support is 2037-2040.