Technical Analysis: Indexes Digest Gains

We continue to key on 1164 on the S&P (first chart below) — as long as that level holds, the market looks like it’s just taking a breather here, although the market does look pretty overbought ahead of tomorrow’s big jobs report. Resistance on the S&P is 1180, 1193 and 1200. The Dow (second chart) pulled back a little deeper than we’d like to see, but it also didn’t have much downside room. The next support level is 10,240-10,263, and resistance is 10,378 and 10,405. The Nasdaq (third chart) is in a tight spot, here, with no more than a point or two of downside room tomorrow, and tough resistance at 1968-1972.

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