Technical Analysis: Dip Buyers Carry The Day

So much for yesterday’s change of trend; the dip buyers carried the day again today. Given some mildly disappointing earnings from the likes of Microsoft and GE, the stock market has held up well. Still, the indexes face major resistance just overhead, but at least sentiment doesn’t appear to be at bullish extremes. The Nasdaq (first chart below) faces major resistance at 2193-2200, and support is 2164-2165, 2150-2156 and 2144. The S&P (second chart) faces first resistance at 1236, and major resistance at 1244-1255. Support is 1229, 1226-1227, 1220-1222 and 1217. The Dow (third chart) faces resistance at 10,673, 10,690-10,700 and 10,750, and support is 10,600 and 10,550-10,580.