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Technical Analysis: Nasdaq Hangs Tough

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Paul Shread
Paul Shread
Oct 21, 2004

Today clearly went to the bulls, but now they have to build on it. The Nasdaq (first chart below) held its uptrend once again today; that’s the most important support for the market here, and should be at about 1913 for tomorrow. Resistance is 1953-1961. The S&P 500 (second chart) put in a bullish hammer today after breaking through 1100-1103 support. Below that, 1095 and 1087-1091 are support, and resistance is 1106-1110, 1114 and 1120. The Dow (third chart) put in a bullish hammer after testing its yearly lows today, another hope for the bulls. Support is 9852-9862 and 9784-9814, and resistance is 9960 and 10,000.

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