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Technical Analysis: Evening Stars Come Out

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Paul Shread
Paul Shread
Nov 17, 2004

The indexes (see charts below) put in “evening star” topping patterns the last three days. HP had strong results after the close tonight, but a negative CPI report in the morning could counteract that. The Nasdaq (first chart below) has resistance at 2087 and 2095-2100, and support is 2050-2062 (2055), 2040-2041 and 2032-2034. The S&P 500 (second chart) faces resistance at 1180, 1185 and 1190-1200, and support is 1170 and 1162-1163. The Dow (third chart) has resistance at 10,500-10,510 and 10,570, and support is 10,440-10,470 and 10,400.

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