Technical Analysis: Momentum Turns Up

Short-term, the market is overbought, but momentum appears to have turned up for a change, with every dip getting bought. The Nasdaq (first chart below) was stopped at 1842 resistance today. Support is 1831 and 1816-1821, and resistance is 1843, 1850 and 1860. The S&P (second chart) was stopped at 1100; above that, 1106-1110 is strong resistance, and support is 1095 and 1090. The Dow (third chart) has support at 10,100, 10,080, 10,040 and 10,025, and resistance is 10,165, 10,200 and 10,250.

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