Technical Analysis: It’s A Start

Today’s bounce came on lower volume and upside volume also could have been better, but the market has rallied off worse starts this year. On the plus side, new lows have yet to expand on any pullback in the Nasdaq, this one included. The S&P (first chart below) is trying to climb back above 1015-1018 resistance. 1021 and 1033 are next, and 1010 and 1005 are support. On the Nasdaq (second chart), 1840 is first support, and 1853, 1860 and 1880 are resistance. The Dow (third chart) turned up off a nice lower trendline today, which should be at about 9415 tomorrow. Resistance is 9500 and 9610. Finally, you must be getting tired of hearing about the banks (fourth chart) by now, but that’s one important group. 850-853 must hold.

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